Exhibit 4.1


 





 



 




WORKDAY, INC., Issuer

  


and


 


U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
Trustee


 


INDENTURE


 


Dated as of April 1, 2022


 





 



 





 



 






     


     


    

 







TABLE OF CONTENTS


 





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	Article 1

                                                                                Definitions

	Section 1.01 .  Certain Terms Defined; Rules of Construction	1
	Article 2

                                                                                 Securities

	Section 2.01 .  Forms Generally	7
	Section 2.02 .  Form of Trustee’s Certification of Authentication	8
	Section 2.03 .  Amount Unlimited; Issuable in Series	8
	Section 2.04 .  Authentication and Delivery of Securities	11
	Section 2.05 .  Execution of Securities	12
	Section 2.06 .  Certificate of Authentication	12
	Section 2.07 .  Denomination and Date of Securities; Payments of Interest	13
	Section 2.08 .  Registration, Transfer and Exchange	13
	Section 2.09 .  Mutilated, Defaced, Destroyed, Lost and Stolen Securities	15
	Section 2.10 .  Cancellation of Securities; Disposal Thereof	16
	Section 2.11 .  Temporary Securities	16
	Section 2.12 .  Authenticating Agent	17
	Section 2.13 .  Global Securities	17
	Section 2.14 .  CUSIP Numbers	19
	Article 3

                                                                                Covenants of the Issuer

	Section 3.01 .  Payment of Principal and Interest	20
	Section 3.02 .  Offices for Payments, etc	21
	Section 3.03 .  Paying Agents	21
	Section 3.04 .  Certificate of the Issuer	22
	Section 3.05 .  Reports by the Issuer	22
	Section 3.06 .  Limitation on Liens	23
	Section 3.07 .  Limitation on Sale and Lease-Back Transactions	24
	Section 3.08 .  Existence	24
	Section 3.09 .  Certain Definitions	25



 






     


     


    

 


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	Article 4

                                                                                Remedies of the Trustee and Holders on Event of Default

	Section 4.01 .  Event of Default; Acceleration of Maturity; Waiver of Default	30



	Section 4.02 .  Collection of Indebtedness by Trustee; Trustee May Prove Debt	32
	Section 4.03 .  Application of Proceeds	34
	Section 4.04 .  Suits for Enforcement	35
	Section 4.05 .  Restoration of Rights on Abandonment of Proceedings	36
	Section 4.06 .  Limitations on Suits by Holder	36
	Section 4.07 .  Unconditional Right of Holders to Institute Certain Suits	36
	Section 4.08 .  Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default	37
	Section 4.09 .  Control by Holders	37
	Section 4.10 .  Waiver of Past Defaults	38
	Section 4.11 .  Trustee to Give Notice of Default, But May Withhold in Certain Circumstances	38
	Section 4.12 .  Right of Court to Require Filing of Undertaking to Pay Costs	38
	Article
5

                                                                                                           Concerning the Trustee

	Section 5.01 .  Duties and Responsibilities of the Trustee; During Default; Prior to Default	38
	Section 5.02 .  Trustee’s Obligations with Respect to the Covenants	39
	Section 5.03 .  Moneys Held by Trustee	39
	Section 5.04 .  Reports by the Trustee to Holders	39
	Section 5.05 .  Certain Rights of the Trustee	40
	Section 5.06 .  Trustee and Agents May Hold Securities; Collections, etc	42
	Section 5.07 .  Compensation and Indemnification of Trustee and Its Prior Claim	42
	Section 5.08 .  Right of Trustee to Rely on Officer’s Certificate, etc	43
	Section 5.09 .  Disqualification; Conflicting Interests	44
	Section 5.10 .  Persons Eligible for Appointment as Trustee	44
	Section 5.11 .  Resignation and Removal; Appointment of Successor Trustee	44
	Section 5.12 .  Acceptance of Appointment by Successor	45
	Section 5.13 .  Merger, Conversion, Consolidation or Succession to Business of Trustee	46
	Section 5.14 .  Preferential Collection of Claims Against the Issuer	47
	Section 5.15 .  Trustee’s Disclaimer	47
	Article 6

                                                                                Concerning the Holders

	Section 6.01 .  Evidence of Action Taken by Holders	47
	Section 6.02 .  Proof of Execution of Instruments and of Holding of Securities; Record Date	48
	Section 6.03 .  Holders to Be Treated as Owners	48
	Section 6.04 .  Securities Owned by Issuer Deemed Not Outstanding	49



	Section 6.05 .  Right of Revocation of Action Taken	49



 






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	Article 7

                                                                                Amendments, Supplements and Waivers

	Section 7.01 .  Supplemental Indentures without Consent of Holders	50
	Section 7.02 .  Supplemental Indentures with Consent of Holders	51
	Section 7.03 .  Execution of Amendments or Supplemental Indentures or Waivers	52
	Section 7.04 .  Effect of Amendment, Supplemental Indenture or Waiver	52
	Section 7.05 .  Effect of Consent	53
	Section 7.06 .  Notation on Securities in Respect of Amendments, Supplemental Indentures or Waivers	53
	Section 7.07 .  Conformity with the Trust Indenture Act	53
	Article 8

                                                                                 Consolidation, Merger, Sale or Conveyance

	Section 8.01 .  Consolidation, Merger or Sale of Assets by the Issuer	53
	Section 8.02 .  Successor Substituted	54
	Article 9

                                                                                Defeasance and Discharge; Unclaimed Moneys

	Section 9.01 .  Satisfaction and Discharge of Indenture	54
	Section 9.02 .  Legal Defeasance	55
	Section 9.03 .  Covenant Defeasance	57
	Section 9.04 .  Application by Trustee of Funds Deposited for Payment of Securities	57
	Section 9.05 .  Repayment of Moneys Held by Paying Agent	58
	Section 9.06 .  Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years	58
	Article 10

                                                                                Miscellaneous Provisions

	Section 10.01 .  Incorporators, Stockholders, Employees, Officers and Directors of Issuer Exempt from Individual Liability	58
	Section 10.02 .  Provisions of Indenture for the Sole Benefit of Parties and Holders	58
	Section 10.03 .  Successors and Assigns of Issuer Bound by Indenture	59
	Section 10.04 .  Notices and Demands on Issuer, Trustee and Holders	59
	Section 10.05 .  Officer’s Certificates and Opinions of Counsel; Statements to Be Contained Therein	60
	Section 10.06 .  Payments Due on Saturdays, Sundays and Holidays	61



 






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	Section 10.07 .  Trust Indenture Act of 1939	61
	Section 10.08 .  New York Law to Govern	61
	Section 10.09 .  Counterparts	61
	Section 10.10 .  Effect of Headings	62
	Section 10.11 .  Separability	62
	Section 10.12 . Force Majeure	62
	Section 10.13 . U.S.A. Patriot Act	62
	Section 10.14 . Waiver of Jury Trial	62
	Article 11

                                                                                Redemption of Securities and Sinking Fund Provisions

	Section 11.01 .  Applicability of Article	63
	Section 11.02 .  Notice of Redemption; Partial Redemptions	63
	Section 11.03 .  Payment of Securities Called for Redemption	63
	Section 11.04 .  Exclusion of Certain Securities from Eligibility for Selection for Redemption	65


 






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THIS INDENTURE, dated as of April 1, 2022 between
WORKDAY, INC. (the “Issuer”) and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION
as trustee (the “Trustee”),


 


W I T N E S S E T H:


 


WHEREAS, for its lawful corporate purposes, the
Issuer has duly authorized the execution and delivery of the Indenture to provide for the issuance of unsecured debt securities in one
or more series (the “Securities”) up to such principal amount or amounts as may from time to time be authorized in
accordance with the terms of the Indenture and to provide, among other things, for the authentication, delivery and administration thereof;


 


WHEREAS, all things necessary to make the Indenture
a valid indenture and agreement according to its terms have been done;


 


WHEREAS, the Indenture is subject to, and will
be governed by, the provisions of the Trust Indenture Act (as defined herein) that are required to be a part of and govern indentures
qualified under the Trust Indenture Act; and


 


NOW, THEREFORE, in consideration of the premises
and the purchases of the Securities by the holders thereof, the Issuer and the Trustee mutually covenant and agree for the equal and proportionate
benefit of the respective holders from time to time of the Securities as follows:


 


Article
1

Definitions


 


Section 1.01. Certain Terms Defined; Rules
of Construction. The following terms (except as otherwise expressly provided or unless the context otherwise clearly requires)
for all purposes of the Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this
Section. All other terms used in the Indenture that are defined in the Trust Indenture Act, or the definitions of which are referred
to in the Trust Indenture Act, including terms defined therein by reference to the Securities Act (except as herein otherwise
expressly provided or unless the context otherwise clearly requires), shall have the meanings assigned to such terms in the Trust
Indenture Act and in the Securities Act as in force at the date of the Indenture. All accounting terms used herein and not expressly
defined shall have the meanings assigned to such terms in accordance with generally accepted accounting principles, and the term
 “generally accepted accounting principles” means such accounting principles as are generally accepted at the time
of any computation. The words “herein”, “hereof” and “hereunder” and other
words of similar import refer to the Indenture as a whole and not to any particular Article, Section or other subdivision. The terms
defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular. Except as
otherwise expressly provided or unless the context otherwise clearly requires, references to agreements or instruments, or to
statutes or regulations, are to such agreements or instruments, or statutes or regulations, as amended from time to time (or to
successor statutes and regulations).


 






     


     


    

 


“Agent Member” means a member
of, or a participant in, the Depositary.


 


“Aggregate Debt” has the meaning
assigned to such term in ‎Section 3.09.


 


“Attributable Liens” has the
meaning assigned to such term in ‎Section 3.09.


 


“Authenticating Agent” means
an authenticating agent with respect to any of the series of Securities appointed with respect to all or any series of the Securities
by the Trustee pursuant to Section 2.12.


 


“Bankruptcy Law” means Title
11 of the United States Code or any similar Federal or State law for the relief of debtors.


 


“Board of Directors” means either
the Board of Directors of the Issuer or any committee of such Board duly authorized to act hereunder.


 


“Business Day” means, with respect
to any Security, any day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York or a place of payment
satisfying the requirements of this Indenture is authorized by law or executive order to close.


 


“Commission” means the United
States Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or if at any time after the
execution and delivery of the Indenture such Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties on such date.


 


“company” means a corporation
or a limited liability company.


 


“Consolidated Net Tangible Assets”
has the meaning assigned to such term in ‎Section 3.09.


 


“Corporate Trust Office”
means the office of the Trustee at which, at any particular time, its corporate trust business with respect to this Indenture shall
be administered, which office at the date hereof is located at U.S. Bank Trust Company, National Association, 1 California Street,
Suite 1000, San Francisco, CA 94111, Attention: D. Jason (Workday, Inc. Administrator), or such other address as the Trustee may
designate from time to time by notice to the Holders, or the office of any successor Trustee designated from time to time by notice
to the Holders and the Company.


 






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“Depositary” means, with respect
to Securities of any series, for which the Issuer shall determine that such Securities will be issued as a Global Security, The Depository
Trust Company, New York, New York, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or
other applicable statute or regulation, which, in each case, shall be designated by the Issuer pursuant to either ‎Section 2.01
or ‎Section 2.13.


 


“Event of Default” has the meaning
assigned to such term in Section 4.01.


 


“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations of the
Commission promulgated thereunder.


 


“Finance Lease” has the meaning
assigned to such term in ‎Section 3.09.


 


“GAAP” has the meaning assigned
to such term in ‎Section 3.09.


 


“given,” with respect to any
notice to be given to a Holder pursuant to this Indenture, shall mean notice (x) given to the Depositary (or its designee) pursuant to
the standing instructions from the Depositary or its designee, including by electronic mail in accordance with accepted practices or procedures
at the Depositary (in the case of a Global Security) or (y) mailed to such Holder by first class mail, postage prepaid, at its address
as it appears on the Register, in the case of a certificated Security, in each case in accordance with ‎Section 10.04. Notice so
 “given” shall be deemed to include any notice to be “mailed” or “delivered,” as applicable,
under this Indenture.


 


“Global Security” means, with
respect to any series of Securities, a Security executed by the Issuer and delivered by the Trustee to the Depositary or pursuant to a
safekeeping agreement with the Depositary, all in accordance with the Indenture, which shall be registered in global form without interest
coupons in the name of the Depositary or its nominee.


 


“Governmental Obligations”
means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit
is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of
America that, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such
Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian
for the account of the holder of such depositary receipt; provided however, that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by
the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental
Obligation evidenced by such depositary receipt.


 






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“Guarantee” has the meaning
assigned to such term in ‎Section 3.09.


 


“Hedging Obligations” has the
meaning assigned to such term in ‎Section 3.09.


 


“Holder” means the registered
holder of any Security on the books of the Registrar.


 


“Indebtedness” has the meaning
assigned to such term in ‎Section 3.09.


 


“Indenture” means this instrument
as originally executed and delivered or, if amended or supplemented as herein provided, as so amended or supplemented or both, and shall
include the forms and terms of particular series of Securities established as contemplated hereunder.


 


“Interest Payment Date”, when
used with respect to any installment of interest on a Security of a particular series, means the date specified in such Security or in
a Resolution of the Board of Directors and set forth in an Officer’s Certificate, or in an indenture supplemental hereto with respect
to such series as the fixed date on which an installment of interest with respect to Securities of that series is due and payable.


 


“Issue Date” means the date,
for a particular series, on which such Securities are originally issued.


 


“Issuer” means, unless otherwise
explicitly provided herein, the Person named as the “Issuer” in the first paragraph of this instrument until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean
such successor Person.


 


“Issuer Order” has the meaning
assigned to such term in ‎Section 2.04.


 


“Lien” has the meaning assigned
to such term in ‎Section 3.09.


 


“Non-recourse Obligation” has
the meaning assigned to such term in ‎Section 3.09.


 


“Notice of Default” has the
meaning assigned to such term in ‎Section 4.01.


 









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“Offering Document” has the
meaning assigned to such term in ‎Section 3.09.


 


“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by chairman of the Board of Directors, chief executive officer, chief financial officer,
principal accounting officer, treasurer, assistant treasurer, president, any vice president, controller, secretary, any assistant secretary,
general counsel or deputy general counsel of the Issuer.


 


“Opinion of Counsel” means an
opinion in writing signed by legal counsel, who may be an employee of or counsel to the Issuer, or other counsel who is acceptable to
the Trustee.


 


“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration
of the maturity thereof pursuant to Section 4.01.


 


“Outstanding”, when used with
reference to Securities, shall, subject to the provisions of Section 6.04, mean, as of any particular time, all Securities authenticated
and delivered by the Trustee under the Indenture, except:


 


(a)       Securities
cancelled by the Trustee or accepted by the Trustee for cancellation;


 


(b)       Securities,
or portions thereof, for the payment or redemption of which moneys in the necessary amount to pay all amounts then due shall have been
deposited in trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set aside, segregated and held
in trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own paying agent), provided that if such
Securities, or portions thereof, are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as
herein provided, or provision satisfactory to the Trustee shall have been made for giving such notice; and


 


(c)       Securities
in substitution for which other Securities shall have been authenticated and delivered, or which shall have been paid, pursuant to the
terms of Section 2.09 unless and until the Trustee and the Issuer receive proof satisfactory to them that the substituted Security is
held by a bona fide purchaser.


 


In determining whether the Holders of the
requisite principal amount of Outstanding Securities of any or all series have given any request, demand, authorization, direction,
notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the maturity thereof pursuant to Section 4.01.


 






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“Patriot Act” means the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as
amended, and signed into law October 26, 2001.


 


“Permitted Liens” has the meaning
assigned to such term in ‎Section 3.09.


 


“Person” means any individual,
corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization,
or any other entity, including any government or any agency or political subdivision thereof.


 


“principal” whenever used with
reference to the Securities or any Security or any portion thereof, shall be deemed to include “and premium, if any”.


 


“Principal Property” has the
meaning assigned to such term in ‎Section 3.09.


 


“Property” has the meaning assigned
to such term in ‎Section 3.09.


 


“Register” has the meaning assigned
to it in Section 2.08.


 


“Registrar” means a Person engaged
to maintain the Register.


 


“Resolution of the Board of Directors”
means a copy of the resolution certified by the secretary or an assistant secretary of the Issuer to have been duly adopted by the Board
of Directors and to be in full force and effect on the date of such certification.


 


“Responsible Officer” when used
with respect to the Trustee means any officer or assistant officer of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee, who customarily performs functions similar
to those performed by the Persons who at the time shall be such officers or any other officer of the Trustee to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject, and, in each instance, who shall have direct
responsibility for the administration of this Indenture.


 


“Restricted Subsidiary” has
the meaning assigned to such term in ‎Section 3.09.


 


“Securities Act” means the Securities
Act of 1933 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations of the Commission
promulgated thereunder.


 









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“Security” or “Securities”
has the meaning stated in the first recital of the Indenture, or, as the case may be, Securities that have been authenticated and delivered
under the Indenture.


 


“Subsidiary” has the meaning
assigned to such term in ‎Section 3.09.


 


“Surviving Entity” has the meaning
assigned to such term in ‎Section 8.01.


 


“Trustee” means the Person identified
as “Trustee” in the first paragraph hereof and any successor trustee under the Indenture pursuant to Article 5.


 


“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however, that in the event
the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.


 


“vice president” when used with
respect to the Issuer, means any vice president, whether or not designated by a number or a word or words added before or after the title
of “vice president”.


 


“Yield to Maturity” means the
yield to maturity on a series of securities, calculated at the time of issuance of such series, or, if applicable, at the most recent
redetermination of interest on such series, and calculated in accordance with accepted financial practice.


 


Article
2

Securities


 


Section 2.01. Forms Generally. The Securities
of each series shall be substantially in such form (not inconsistent with the Indenture) as shall be established by or pursuant to a Resolution
of the Board of Directors (or by an officer duly authorized by any such Resolution) and set forth in an Officer’s Certificate, or
in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by the Indenture and may have imprinted or otherwise reproduced thereon such legends, notations or endorsements
as may be required to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any securities exchange
or to conform to general usage, all as may be determined by the officer executing such Securities, as evidenced by such officer’s
execution of the Securities.


 









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The definitive Securities shall be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officer executing such Securities,
as evidenced by such officer’s execution of such Securities.


 


Section 2.02. Form of Trustee’s Certification
of Authentication. The Trustee’s certificate of authentication on all Securities shall be in substantially the following form:


 


This is one of the Securities of the series designated
herein and referred to in the within-mentioned Indenture.


 


	 	U.S. Bank Trust Company, National Association,

as Trustee
	 	 
	 	by:	 
	 	 	Authorized Signatory


 


Section 2.03. Amount Unlimited; Issuable in
Series. Subject to compliance with the representations, warranties and covenants set forth herein, in the Officer’s Certificate,
in any indenture supplemental hereto and in any amendment hereto or thereto, the aggregate principal amount of Securities which may be
authenticated and delivered under the Indenture is unlimited.


 


The Securities may be issued in one or more series.
There shall be established in or pursuant to a Resolution of the Board of Directors and set forth in an Officer’s Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:


 


(a)         
the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities);


 


(b)         
any limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under the
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 2.08, 2.09, 2.11 or 11.03);


 


(c)         
the date or dates on which the principal of the Securities of the series is payable;


 


(d)          the
rate or rates at which the Securities of the series shall bear interest, if any, or the method by which such rate shall be
determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be
payable and the record dates for the determination of Holders to whom interest is payable on such Interest Payment Dates;


 






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(e)         
the right, if any, to extend the interest payment periods and the duration of such extension;


 


(f)         
the place or places where the principal of and any interest on Securities of the series shall be payable (if other than as provided
in Section 3.02);


 


(g)         
the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of the series
may be redeemed, in whole or in part, at the option of the Issuer;


 


(h)         
the obligation, if any, of the Issuer to redeem, purchase or repay Securities of the series at the option of a Holder thereof and
the price or prices at which and the period or periods within which and the terms and conditions upon which Securities of the series shall
be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;


 


(i)         
if other than minimum denominations of $2,000 and any multiple of $1,000 in excess thereof, the denominations in which Securities
of the series shall be issuable;


 


(j)         
the percentage of the principal amount at which the Securities will be issued, and, if other than the principal amount thereof,
the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 4.01 or provable in bankruptcy pursuant to Section 4.02;


 


(k)         
whether the Securities are issuable under Rule 144A or Regulation S and, in such case, any provisions unique to such form of issuance
including any transfer restrictions or exchange and registration rights;


 


(l)         
any and all other terms of the series (which terms shall not be inconsistent with the provisions of the Indenture) including any
terms which may be required by or advisable under U.S. law or regulations or advisable in connection with the marketing of Securities
in that series;


 


(m)         
whether the Securities are issuable as a Global Security and, in such case, the identity for the Depositary for such series;


 


(n)         
any deletion from, modification of or addition to the Events of Default or covenants provided for with respect to the Securities
of the series;


 









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(o)         
 any provisions granting special rights to Holders when a specified event occurs;


 


(p)         
whether and under what circumstances the Issuer will pay additional amounts on the Securities of the series held by a Person who
is not a U.S. Person in respect of any tax, assessment or governmental charge withheld or deducted and, if so, whether the Issuer will
have the option to redeem the Securities of the series rather than pay such additional amounts;


 


(q)         
any special tax implications of the Securities, including provisions for Original Issue Discount Securities;


 


(r)         
any trustees, authenticating or paying agents, transfer agents or registrars or any other agents with respect to the Securities
of such series;


 


(s)         
any guarantor or co-issuer of the Securities of the series;


 


(t)         
any special interest premium or other premium;


 


(u)         
whether the Securities are convertible or exchangeable into common stock or other equity securities of the Issuer or a combination
thereof and the terms and conditions upon which such conversion or exchange shall be effected; and


 


(v)         
the currency in which payments shall be made, if other than U.S. dollars.


 


All Securities of any one series shall be substantially
identical except as to denomination and except as may otherwise be provided in or pursuant to such Resolution of the Board of Directors
and set forth in an Officer’s Certificate, or in any indenture supplemental hereto. All Securities of any one series need not be
issued at the same time, and unless otherwise provided, a series may be reopened for issuance of additional Securities of such series;
provided that if such additional Securities are not fungible with the Securities for U.S. federal income tax purposes, such additional
Securities will have one or more separate CUSIP numbers. Additional Securities of such series will be consolidated with, and be treated
as a single series with, Securities then Outstanding of such series (except as set forth in the immediately preceding sentence).


 






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Any additional Securities shall be established
in or pursuant to a Resolution of the Board of Directors and set forth in an Officer’s Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series and shall set forth the following information:


 





(i)       the
aggregate principal amount of such additional Securities to be authenticated and delivered pursuant to the Indenture;


 


(ii)       the
issue price, the issue date and the CUSIP number, if any, of such additional Securities; and


 


(iii)       whether
such additional Securities shall be transfer restricted Securities or have any registration or exchange rights.


 


Section 2.04. Authentication and Delivery of
Securities. At any time and from time to time after the execution and delivery of the Indenture, the Issuer may deliver Securities
of any series executed by the Issuer to the Trustee for authentication, together with a written order of the Issuer, signed in the name
of the Issuer by any one of the following officers: chairman of the Board of Directors, chief executive officer, chief financial officer,
principal accounting officer, treasurer, assistant treasurer, president, any vice president, secretary, controller, general counsel or
deputy general counsel of the Issuer (an “Issuer Order”). The Trustee, in accordance with such written order, shall
authenticate and deliver such Securities.


 


In authenticating such Securities and accepting
the additional responsibilities under the Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject
to Section 5.01) shall be fully protected in relying upon:


 


(a)         
a certified copy of any Resolution or Resolutions of the Board of Directors authorizing the action taken pursuant to the resolution
or resolutions delivered under clause 2.04(b) below;


 


(b)         
a copy of any Resolution or Resolutions of the Board of Directors relating to such series, in each case certified by the secretary
or an assistant secretary of the Issuer;


 


(c)         
an executed supplemental indenture, if any;


 


(d)         
in lieu of a supplemental indenture, an Officer’s Certificate setting forth the form and terms of the Securities as required
pursuant to Section 2.01 and 2.03, respectively, and addressing the matters required by and prepared in accordance with Section 10.05;


 


(e)         
an Opinion of Counsel, addressing the matter required by and prepared in accordance with Section 10.05, and stating that


 


(i)            the
form or forms and terms of such Securities have been established by or pursuant to a Resolution of the Board of Directors (or by an
officer duly authorized by any such Resolution) and set forth in an Officer’s Certificate, or by a supplemental indenture as
permitted by Section 2.01 and 2.03 in conformity with the provisions of the Indenture; and


 






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(ii)           
such Securities, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions
specified in such Opinion of Counsel, will constitute valid, legal and binding obligations of the Issuer entitled to the benefits of the
Indenture, and enforceable against the Issuer in accordance with their terms, except to the extent that enforcement thereof may be limited
by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws now or hereafter in effect relating to creditor’s
rights generally, and general principles of equity (regardless of whether enforceability is considered in a proceeding in equity or at
law).


 


The Trustee shall have the right to decline to
authenticate and deliver any Securities under this section if the Trustee, being advised by counsel, determines that such action may not
lawfully be taken by the Issuer or if the Trustee shall determine that such action would expose the Trustee to personal liability.


 


Section 2.05. Execution of Securities. The
Securities shall be signed in the name of the Issuer by any one of its chairman of the Board of Directors, chief executive officer, chief
financial officer, principal accounting officer, treasurer, assistant treasurer, president, any vice president, general counsel. Such
signature may be the manual, electronic, or facsimile signature of the present or any future such officer. Typographical and other minor
errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated
and delivered by the Trustee.


 


In case any officer of the Issuer who shall have
signed any of the Securities shall cease to be such officer before the Security so signed shall be authenticated and delivered by the
Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the person
who signed such Security had not ceased to be such officer of the Issuer; and any Security may be signed on behalf of the Issuer by such
person as, at the actual date of the execution of such Security, shall be the proper officer of the Issuer, although at the date of the
execution and delivery of the Indenture any such person was not such an officer.


 


Section 2.06. Certificate of
Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form recited
herein, executed by the Trustee by the manual signature of one of its authorized signatories, shall be entitled to the benefits of
the Indenture or be valid or obligatory for any purpose. Such certificate by the Trustee upon any Security executed by the Issuer
shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the
Holder is entitled to the benefits of the Indenture.


 






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Section 2.07. Denomination and Date of Securities;
Payments of Interest. The Securities shall be issuable as registered securities without coupons and in denominations as shall be specified
as contemplated by Section 2.03. In the absence of any such specification with respect to the Securities of any series, the Securities
of such series shall be issuable in minimum denominations of $2,000 and any multiple of $1,000 in excess thereof. The Securities shall
be numbered, lettered, or otherwise distinguished in such manner or in accordance with such plan as the officer of the Issuer executing
the same may determine with the approval of the Trustee as evidenced by the execution and authentication thereof.


 


The principal of and the interest on the Securities
of any series, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and
private debt, at the office or agency of the Issuer maintained for that purpose.


 


Each Security shall be dated the date of its authentication,
shall bear interest, if any, from the date and shall be payable on the dates, in each case, established as contemplated by Section 2.03.


 


The Person in whose name any Security of any series
is registered at the close of business on any record date applicable to a particular series with respect to any interest payment date
for such series shall be entitled to receive the interest, if any, payable on such interest payment date notwithstanding any transfer
or exchange of such Security subsequent to the record date and prior to such interest payment date, except if and to the extent the Issuer
shall default in the payment of the interest due on such interest payment date for such series, in which case such defaulted interest
shall be paid to the Persons in whose names Outstanding Securities for such series are registered at the close of business on a subsequent
record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest) established by notice
given by mail or electronically by or on behalf of the Issuer to the Holders not less than 15 days preceding such subsequent record date.
The term “record date” as used with respect to any interest payment date (except a date for payment of defaulted interest)
shall mean the date specified as such in the terms of the Securities of any particular series, or, if no such date is so specified, if
such interest payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar month or, if such interest
payment date is the fifteenth day of a calendar month, the first day of such calendar month, whether or not such record date is a Business
Day.


 


Section 2.08. Registration, Transfer and
Exchange. The Issuer may appoint one or more Registrars. The Issuer initially appoints the Trustee as Registrar. The Issuer will
keep or cause to be kept at each office or agency to be maintained for the purpose as provided in Section 3.02 a register or
registers (the “Register”) in which, subject to such reasonable regulations as it may prescribe, it will
register, and will register the transfer of, Securities as in this Article provided. The Register shall be in written form in the
English language or in any other form capable of being converted into such form within a reasonable time. At all reasonable times
the Register shall be open for inspection by the Trustee.


 






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Upon due presentation for registration of transfer
of any Security of any series at any such office or agency to be maintained for the purpose as provided in Section 3.02, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Security or Securities of the
same series in authorized denominations for a like aggregate principal amount.


 


Any Security or Securities of any series may be
exchanged for a Security or Securities of the same series in other authorized denominations, in an equal aggregate principal amount; provided
that if Securities of a series bear different CUSIP numbers, Securities of such series may not be exchanged for Securities of such series
with a different CUSIP number unless such Securities are fungible for U.S. federal income tax and securities law purposes and otherwise
in compliance with any transfer restrictions applicable to such Securities. Securities of any series to be exchanged shall be surrendered
at any office or agency to be maintained by the Issuer for the purpose as provided in Section 3.02, and the Issuer shall execute and the
Trustee shall authenticate and deliver in exchange therefor the Security or Securities of the same series which the Holder making the
exchange shall be entitled to receive, bearing numbers not contemporaneously Outstanding.


 


All Securities presented for registration of transfer,
exchange, redemption or payment shall (if so required by the Issuer or the Trustee) be duly endorsed by, or be accompanied by a written
instrument or instruments of transfer in form attached to the form of Security for the applicable series executed by, the Holder or his
attorney duly authorized in writing, together with signature guarantees for such Holder or attorney.


 


The Issuer or the Trustee may require payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of
transfer of Securities. No service charge shall be made for any such transaction.


 


Neither the Issuer nor the Trustee shall be required
to exchange or register a transfer of (a) any Securities of any series for a period of 15 days preceding the first mailing of notice of
redemption of Securities of such series to be redeemed, or (b) any Securities selected, called or being called for redemption except,
in the case of any Security where public notice has been given that such Security is to be redeemed in part, the portion thereof not so
to be redeemed.


 









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In addition to the transfer requirements provided
in this Section 2.08, any Security or Securities will be subject to such further transfer restrictions as may be contained in an Officer’s
Certificate or indenture supplemental hereto applicable to such Securities.


 


All Securities issued upon any transfer or exchange
of Securities shall be valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under the Indenture,
as the Securities surrendered upon such transfer or exchange.


 


Notwithstanding anything contained herein to the
contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether any transfer complies with the registration
provisions of, or exemptions from, the Securities Act, applicable state securities law or other applicable law.


 


Section 2.09. Mutilated, Defaced, Destroyed,
Lost and Stolen Securities. In case any Security shall become mutilated, defaced or be destroyed, lost or stolen, the Issuer in its
discretion may execute, and upon the receipt of an Issuer Order, the Trustee shall authenticate and deliver, a new Security of the same
series, bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Security, or in
lieu of and substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substitute Security shall furnish
to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be required by them to indemnify
and defend and to save each of them harmless and, in every case of destruction, loss or theft, evidence to their satisfaction of the destruction,
loss or theft of such Security and of the ownership thereof.


 


Upon the issuance of any substitute Security, the
Issuer or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the Trustee and its agents and attorneys) connected therewith.
In case any Security which has matured or is about to mature or has been called for redemption in full shall become mutilated or defaced
or be destroyed, lost or stolen, the Issuer may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such payment shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as any of them may require to save each of them
harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any agent
of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership thereof.
In case the mutilated, deleted, destroyed, or lost or stolen Security has become or is about to become due and payable, the Issuer in
its discretion may pay the Security instead of issuing a substitute Security.


 









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Every substitute Security of any series issued
pursuant to the provisions of this section by virtue of the fact that any such Security is destroyed, lost or stolen shall constitute
an additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable
by anyone and shall be entitled to all the benefits of (but shall be subject to all the limitations of rights set forth in) the Indenture
equally and proportionately with any and all other Securities of such series duly authenticated and delivered hereunder. All Securities
shall be held and owned upon the express condition that, to the extent permitted by law, the foregoing provisions are exclusive with respect
to the replacement or payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any and all other rights
or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment
of negotiable instruments or other securities without their surrender.


 


Section 2.10. Cancellation of Securities; Disposal
Thereof. All Securities surrendered for payment, redemption, registration of transfer or exchange, or for credit against any payment
in respect of a sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee, shall be delivered
to the Trustee for cancellation or, if surrendered to the Trustee, shall be cancelled by it; and no Securities shall be issued in lieu
thereof except as expressly permitted by any of the provisions of the Indenture. The Trustee shall dispose of the cancelled Securities
held by it in accordance with its procedures and applicable law. If the Issuer shall acquire any of the Securities, such acquisition shall
not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered
to the Trustee for cancellation.


 


Section 2.11. Temporary Securities. Pending
the preparation of definitive Securities for any series, the Issuer may execute and the Trustee shall, upon receipt of an Issuer
Order, authenticate and deliver temporary Securities for such series (printed, lithographed, typewritten or otherwise reproduced, in
each case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as registered Securities
without coupons, of any authorized denomination, and substantially in the form of the definitive Securities of such series but with
such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Issuer.
Temporary Securities may contain such reference to any provisions of the Indenture as may be appropriate. Every temporary Security
shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the same manner,
and with like effect, as the definitive Securities. Without unreasonable delay the Issuer shall execute and shall furnish definitive
Securities of such series and thereupon temporary Securities of such series may be surrendered in exchange therefor without charge
at each office or agency to be maintained by the Issuer for that purpose pursuant to Section 3.02, and the Trustee shall, upon
receipt of an Issuer Order, authenticate and deliver in exchange for such temporary Securities of such series a like aggregate
principal amount of definitive Securities of the same series of authorized denominations. Until so exchanged, the temporary
Securities of any series shall be entitled to the same benefits under the Indenture as definitive Securities of such series.


 






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Section 2.12. Authenticating Agent. So long
as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon exchange, transfer or partial redemption or repurchase thereof, and Securities so authenticated
shall be entitled to the benefits of the Indenture and shall be valid and binding for all purposes as if authenticated by the Trustee
hereunder. All references in the Indenture to the authentication of Securities by the Trustee shall be deemed to include authentication
by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Issuer and shall be an entity that has
a combined capital and surplus of at least fifty million dollars ($50,000,000), as most recently reported or determined by it, sufficient
under the laws of any jurisdiction under which it is organized or in which it is doing business to conduct a trust business, and that
is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by Federal or State authorities.
If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuer. The Trustee may
at any time (and upon written request by the Issuer shall) terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Issuer. Upon resignation, termination or cessation of eligibility of any Authenticating
Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Issuer. Any successor Authenticating Agent,
upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder
as if originally named as an Authenticating Agent pursuant hereto. The Issuer agrees to pay to the Authenticating Agent from time to time
reasonable compensation for its services.


 


Section 2.13. Global Securities. If the
Issuer shall establish pursuant to ‎Section 2.01 that the Securities of a particular series are to be issued as a Global Security,
then the Issuer shall execute and the Trustee shall, upon receipt of an Issuer Order and in accordance with ‎Section 2.04, authenticate
and deliver, a Global Security that shall (i) represent, and be issued in a denomination or aggregate denominations equal to the aggregate
principal amount of all the Securities to be represented by a Global Security, (ii) be registered in the name of the Depositary or its
nominee, (iii) be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction and (iv) bear a legend
substantially to the following effect: “Except as otherwise provided in Section 2.13 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”


 









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Notwithstanding the provisions of Section 2.08,
the Global Security of a series may be transferred, in whole but not in part and in the manner provided in Section 2.08, only to another
nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Issuer or to a nominee
of such successor Depositary.


 


Ownership of beneficial interests in a registered
Global Security will be limited to Agent Members that have accounts with the Depositary or Persons that may hold interests through Agent
Members. Upon the issuance of a registered Global Security, the Depositary will credit, on its book-entry registration and transfer system,
the Agent Members’ accounts with the respective principal or face amounts of the securities beneficially owned by the participants.
Any dealers, underwriters or agents participating in the distribution of the Securities will designate the accounts to be credited. Ownership
of beneficial interests in a Global Security will be shown on, and the transfer of ownership interests will be effected only through,
records maintained by the Depositary, with respect to interests of Agent Members, and on the records of Agent Members, with respect to
interests of Persons holding through Agent Members.


 


So long as the Depositary, or its nominee, is the
registered owner of a registered Global Security, that Depositary or its nominee, as the case may be, will be considered the sole owner
or Holder of the Securities represented by the Global Security for all purposes under the Indenture. Except as described in this ‎Section
2.13, Agent Members will not be entitled to have the Securities represented by the Global Security registered in their names, will not
receive or be entitled to receive physical delivery of the Securities in definitive form and will not be considered the owners or Holders
of the Securities under the Indenture. Accordingly, each Agent Member owning a beneficial interest in a registered Global Security must
rely on the procedures of the Depositary for that registered Global Security and, if that Person is not an Agent Member, on the procedures
of the Agent Member through which the Person owns its interest, to exercise any rights of a Holder under the Indenture. Notwithstanding
the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any
Person that holds a beneficial interest in a Global Security through an Agent Member) to take any action which a Holder is entitled to
take under the Indenture or the Securities, and nothing herein will impair, as between the Depositary and its Agent Members, the operation
of customary practices governing the exercise of the rights of a Holder of any Security.


 


Principal, premium, if any, and interest
payments on Securities represented by a Global Security registered in the name of the Depositary or its nominee will be made to the
Depositary or its nominee, as the case may be, as the registered owner of the registered Global Security. None of the Issuer, the
Trustee or any other agent of the Issuer, or any agent of the Trustee will have any responsibility or liability for any aspect of
the records relating to payments made on account of beneficial ownership interests in the registered Global Security or for
maintaining, supervising or reviewing any records relating to those beneficial ownership interests. The Trustee may rely and shall
be fully protected in relying upon information furnished by the Depositary with respect to its members and any beneficial
owners.


 






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If at any time the Depositary for a series of the
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such series or if at any time the Depositary
for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and
a successor Depositary for such series is not appointed by the Issuer within 90 days after the Issuer receives such notice or becomes
aware of such condition, as the case may be, this Section 2.13 shall no longer be applicable to the Securities of such series and the
Issuer will execute, and subject to Section 2.08 and upon receipt of an Issuer Order, the Trustee will authenticate and deliver the Securities
of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal
to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Issuer may at any
time determine that the Securities of any series shall no longer be represented by a Global Security and that the provisions of this Section
2.13 shall no longer apply to the Securities of such series. In such event the Issuer will execute and subject to Section 2.08, the Trustee,
upon receipt of an Officer’s Certificate evidencing such determination by the Issuer and an Issuer Order, will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an aggregate
principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange
of the Global Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security
shall be cancelled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to
this Section 2.13 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from
its direct or indirect participants or otherwise, shall instruct the Trustee in writing. The Issuer and the Trustee shall be entitled
to conclusively rely on such instructions from the Depositary. In connection with any proposed exchange involving a certificated Security,
or any exchange of a certificated Security for a Global Security or vice versa, the Holder of such certificated Security shall provide
to the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without
limitation any cost basis reporting obligations under Internal Revenue Code Section 6045.


 


Section 2.14. CUSIP Numbers. The
Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
 “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in
writing of any change in the “CUSIP” numbers.


 






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Article
3

Covenants of the Issuer


 


Section 3.01. Payment of Principal and Interest.
(a) The Issuer covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay or cause
to be paid the principal of, and interest on, each of the Securities of such series at the place or places, at the respective times and
in the manner provided in such Securities. The Issuer shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal on each series of Securities at the rate specified in the terms of such series of Securities to the
extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest (without regard to any applicable grace period) at the same rate to the extent lawful. Unless otherwise provided in the Securities
of any series, not later than 11:00 A.M. (New York City time) on the due date of any principal of or interest on any Securities, the Issuer
will deposit with the Trustee (or paying agent) money in immediately available funds sufficient to pay such amounts, provided that
if the Issuer or any affiliate of the Issuer is acting as paying agent, it will, on or before each due date, segregate and hold in a separate
trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed
of as provided in the Indenture. In each case the Issuer will promptly notify the Trustee in writing of its compliance with this Section.


 


(b)       An
installment of principal or interest will be considered paid on the date due if the Trustee (or paying agent, other than the Issuer or
any affiliate of the Issuer) holds on that date by 11:00 A.M. (New York City time) money designated for and sufficient to pay the installment.
If the Issuer or any affiliate of the Issuer acts as paying agent, an installment of principal or interest will be considered paid on
the due date only if paid to the Holders.


 


(c)       Payments
in respect of the Securities represented by the Global Security are to be made by wire transfer of immediately available funds to
the account of the Depository or its nominee. With respect to certificated Securities, the Issuer will make all payments by wire
transfer of immediately available funds (A) to Holders holding certificated Securities having an aggregate principal amount of
$5,000,000 or less, by check mailed to the Holders of these Securities at their address as it appears in the Register and (B) to
Holders holding certificated Securities having an aggregate principal amount of more than $5,000,000, by wire transfer in
immediately available funds to that Holder’s account within the United States of America if such Holder has provided the
Trustee or Paying Agent with the requisite information necessary to make such wire transfer, which application shall remain in
effect until the Holder notifies, in writing, the Paying Agent to the contrary or, if no such account is specified, by mailing a
check to each Holder’s registered address.


 






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Section 3.02. Offices for Payments, etc. So
long as any of the Securities remain Outstanding, the Issuer will maintain in the contiguous United States of America, the following for
each series: an office or agency (a) where the Securities may be presented for payment, (b) where the Securities may be presented for
registration of transfer and for exchange as in the Indenture provided and (c) where notices and demands to or upon the Issuer in respect
of the Securities or of the Indenture may be given or served. The Issuer will give to the Trustee written notice of the location of any
such office or agency and of any change of location thereof. Unless otherwise specified in accordance with Section 2.03, the Issuer hereby
initially designates the Corporate Trust Office of the Trustee, as the office to be maintained by it for each such purpose. In case the
Issuer shall fail to so designate or maintain any such office or agency or shall fail to give such notice of the location or of any change
in the location thereof, presentations and demands may be made and notices may be served at the applicable Corporate Trust Office of the
Trustee and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, notices and demands; provided
that no office of the Trustee shall be a place for service of legal process on the Issuer.


 


Section 3.03. Paying Agents. Whenever the
Issuer shall appoint a paying agent other than the Trustee with respect to the Securities of any series, it will cause such paying agent
to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this
Section,


 


(a)           
that it will hold all sums received by it as such agent for the payment of the principal of or interest on the Securities of such
series (whether such sums have been paid to it by the Issuer or by any other obligor on the Securities of such series) in trust for the
benefit of the Holders of the Securities of such series or of the Trustee,


 


(b)           
that it will give the Trustee written notice of any failure by the Issuer (or by any other obligor on the Securities of such series)
to make any payment of the principal of or interest on the Securities of such series when the same shall be due and payable,


 


(c)           
pay any such sums so held in trust by it to the Trustee upon the Trustee’s written request at any time during the continuance
of the failure referred to in clause 3.03(b) above, and


 


(d)           
that it will perform all other duties of paying agent as set forth in the Indenture.


 









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The Issuer shall, on or prior to each due date
of the principal of or interest on the Securities of such series, deposit with the paying agent a sum sufficient to pay such principal
or interest so becoming due, and (unless such paying agent is the Trustee) the Issuer shall promptly notify the Trustee in writing of
any failure to take such action.


 


If an Issuer shall act as its own paying agent
with respect to the Securities of any series, it will, on or before each due date of the principal of or interest on the Securities of
such series, set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum sufficient to
pay such principal or interest so becoming due. The Issuer will promptly notify the Trustee in writing of any failure to take such action.


 


Anything in this section to the contrary notwithstanding,
the Issuer may at any time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all series of Securities
hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust for any such series by the Issuer or
any paying agent hereunder, as required by this Section, such sums to be held by the Trustee upon the trusts herein contained.


 


Anything in this section to the contrary notwithstanding,
the agreement to hold sums in trust as provided in this section is subject to the provisions of Section 9.05 and 9.06.


 


Upon any Event of Default under ‎Section
4.01(d) or ‎Section 4.01(e), the Trustee shall automatically be the Paying Agent.


 


Section 3.04. Certificate of the Issuer. The
Issuer will furnish to the Trustee on or before 120 days after the end of each fiscal year (beginning with the fiscal year ending January 31,
2023) a brief certificate (which need not comply with Section 10.05) from the principal executive, financial or accounting officer or
the Treasurer of the Issuer as to his or her knowledge of the Issuer’s compliance with all conditions and covenants under the Indenture
(such compliance to be determined without regard to any period of grace or requirement of notice provided under the Indenture), or if
there has been a default, specifying the default and its nature and status and what action has been taken in respect thereof.


 


Section 3.05. Reports by the Issuer. The
Issuer will furnish to the Trustee any document or report the Issuer is required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act within 15 days after such document or report is filed with the Commission; provided that in
each case the delivery of materials to the Trustee by electronic means or filing documents pursuant to the Commission’s
 “EDGAR” system (or any successor electronic filing system) shall be deemed to constitute “filing” with the
Trustee for purposes of this Section 3.05 and the Trustee shall have no obligation to determine whether or not such documents or
reports have been filed. Delivery of such documents or reports to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute actual or constructive notice of any information contained therein or
determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officer’s Certificates). The Trustee shall not be obligated to monitor or
confirm, on a continuing basis or otherwise, the Issuer’s compliance with the covenants hereunder or with respect to any
reports or other documents filed with the Commission or on the Issuer’s website hereunder, or to participate in any conference
calls.


 






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Section 3.06. Limitation on Liens. (a) With
respect to each series of Securities, the Issuer shall not incur, and will not permit any of its Restricted Subsidiaries to incur, any
Indebtedness secured by a Lien upon (a) any Principal Property of the Issuer or any of its Restricted Subsidiaries or (b) any shares of
stock or Indebtedness of any of its Restricted Subsidiaries (whether such Principal Property or shares or Indebtedness of any Restricted
Subsidiary are now existing or owned or hereafter created or acquired), in each case, unless prior to or at the same time, each series
of outstanding Securities (together with, at the option of the Issuer, any other Indebtedness or Guarantees of the Issuer or any of its
Subsidiaries ranking equally in right of payment with such Securities or such Guarantee) are equally and ratably secured with or, at the
option of the Issuer, prior to, such secured Indebtedness.


 


The foregoing restriction shall not apply to:


 


(1)       Liens existing
as of the closing date of the offering of such series of Securities;


 


(2)       Liens granted
after the closing date of the offering of such series of Securities, created in favor of the holders of such series of Securities or other
series of notes under the Indenture;


 


(3)       Liens securing
the Issuer’s Indebtedness which are incurred to extend, renew or refinance Indebtedness which is secured by Liens permitted to be
incurred under the Indenture (including Permitted Liens) so long as such Liens are limited to all or part of substantially the same Principal
Property which secured the Liens extended, renewed or replaced and the amount of Indebtedness secured is not increased (other than by
the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal
or refinancing); and


 


(4)       Permitted Liens.


 









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(b)         
 Notwithstanding the foregoing, the Issuer and/or its Restricted Subsidiaries, without securing any series of Securities, create
or incur Liens which would otherwise be subject to the restrictions set forth in ‎Section 3.06(a), if after giving effect thereto,
Aggregate Debt does not exceed the greater of (a) 15% of our Consolidated Net Tangible Assets calculated as of the date of creation or
incurrence of the Lien and (b) $1.0 billion.


 


Section 3.07. Limitation on Sale and Lease-Back
Transactions. (a) With respect to each series of Securities, the Issuer shall not, and shall not permit any of its Restricted Subsidiaries
to, enter into any sale and lease-back transaction for the sale and leasing back of any Principal Property, whether now owned or hereafter
acquired, unless:


 


(1)       such transaction
was entered into prior to the issuance of such series of Securities;


 


(2)       such transaction
was for the sale and leasing back to the Issuer or any of its Subsidiaries of any Principal Property by the Issuer or one of its Subsidiaries;


 


(3)       such transaction
involves a lease for less than three years;


 


(4)       the Issuer would
be entitled to incur Indebtedness secured by a mortgage on the Principal Property to be leased in an amount equal to the Attributable
Liens with respect to such sale and lease-back transaction without equally and ratably securing such series of Securities pursuant to
clause (a) of ‎Section 3.06 above; or


 


(5)       the Issuer applies
an amount equal to the fair value of the Principal Property sold to the purchase of Property or to the retirement of its long-term Indebtedness
that is pari passu with such Securities within 365 days of the effective date of any such sale and lease-back transaction. In lieu
of applying such amount to such retirement, the Issuer may deliver such pari passu debt securities to the Trustee under the indenture
therefor for cancellation, such debt securities to be credited at the cost thereof to the Issuer.


 


(b) Notwithstanding the foregoing, the Issuer
and or its Restricted Subsidiaries may enter into any sale and lease-back transaction which would otherwise be subject to the foregoing
restrictions if after giving effect thereto and at the time of determination, Aggregate Debt does not exceed the greater of (a) 15% of
our Consolidated Net Tangible Assets calculated as of the date of creation or incurrence of the Lien and (b) $1.0 billion.


 


Section 3.08. Existence. Except as permitted
under Article 8, the Issuer covenants to do or cause to be done all things necessary to preserve and keep in full force and effect its
existence, rights and franchises; provided, however, that the Issuer shall not be required to preserve any right or franchise
if it determines that its preservation is no longer desirable in the conduct of business.


 






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Section 3.09. Certain Definitions. As used
in ‎Section 3.06, ‎3.07 and ‎3.08, the following terms have the meanings set forth below.


 


“Aggregate Debt” means the sum
of the following as of the date of determination:


 


(1)       the
aggregate principal amount of the Issuer’s Indebtedness incurred after the closing date and secured by Liens not permitted by ‎Section
3.06(a), and


 


(2)       the
Issuer’s Attributable Liens in respect of sale and lease-back transactions entered into after the closing date pursuant to ‎Section
3.07(b).


 


“Attributable Liens” means in
connection with a sale and lease-back transaction the lesser of:


 


(1)       the
fair market value of the assets subject to such transaction (as determined in good faith by the Board of Directors of the Issuer); and


 


(2)       the
present value (discounted at a rate per annum equal to the average interest borne by all Outstanding Securities of each series issued
under the Indenture determined on a weighted average basis and compounded semi-annually) of the obligations of the lessee for rental payments
during the term of the related lease.


 


“Consolidated Net Tangible Total Assets”
means, as of any date of determination, the total assets less (a) all current liabilities (excluding unearned revenue) and (b) the value
of all goodwill, trade names, trademarks, service marks, patents, unamortized debt discount and expense and other intangible assets, all
as shown on or reflected in the Issuer’s most recent consolidated balance sheet (including, with respect to clause (b) only, the
notes related thereto, without duplication) prepared in accordance with GAAP contained in an annual report on Form 10-K or a quarterly
report on Form 10-Q or any amendment thereto (and not subsequently disclaimed as not being reliable by the Company) filed pursuant to
the Exchange Act by the Company prior to the time as of which “Consolidated Net Tangible Assets” is being determined or, if
the Company is not required to so file, as reflected on its most recent consolidated balance sheet prepared by the Company in accordance
with GAAP.


 


“Finance Lease” means any Indebtedness
represented by a lease obligation of a Person incurred with respect to real property or equipment acquired or leased by such Person and
used in its business that is required to be recorded as a finance lease in accordance with GAAP.


 


“GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of the Public Company Accounting Oversight Board (United
States) and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other
entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of
determination.


 






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“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct
or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase
assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise) or (2) entered into
for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against
loss in respect thereof (in whole or in part); provided, however, that the term “Guarantee” will not include endorsements
for collection or deposit in the ordinary course of business. The term “guarantee,” when used as a verb, has a correlative
meaning.


 


“Hedging Obligations” means,
with respect to any specified Person, the obligations of such Person under:


 


(1)       interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar
agreements;


 


(2)       other
agreements or arrangements designed to manage interest rates or interest rate risk;


 


(3)       forward
foreign exchange transactions, currency floor, cap, collar or swap transactions or currency options;


 


(4)       other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices; and


 


(5)       other
agreements or arrangements designed to protect such Person against fluctuations in equity or bond (or equity or bond index) prices.


 


“Indebtedness” of any specified
Person means, without duplication, any indebtedness, whether or not contingent, in respect of borrowed money or evidenced by bonds, notes,
debentures or similar instruments or letters of credit (or reimbursement agreements with respect thereto), except any such balance that
constitutes an accrued expense or trade payable, if and to the extent any of the foregoing indebtedness would appear as a liability upon
an unconsolidated balance sheet of such Person (but does not include contingent liabilities which appear only in a footnote to a balance
sheet).


 


“Lien” means any lien, security
interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement).


 









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“Non-recourse Obligation” means
Indebtedness or other obligations substantially related to (1) the acquisition of assets not previously owned by the Issuer or any of
its direct or indirect Subsidiaries or (2) the financing of a project involving the development or expansion of the properties of the
Issuer or any of its direct or indirect Subsidiaries, as to which the obligee with respect to such Indebtedness or obligation has no recourse
to the Issuer or any of its direct or indirect Subsidiaries or such Subsidiary’s assets other than the assets which were acquired
with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof).


 


“Permitted Liens” means:


 


(1)       Liens
on any of the Issuer’s assets, created solely to secure obligations incurred to finance the refurbishment, improvement or construction
of such asset, which obligations are incurred no later than 18 months after completion of such refurbishment, improvement or construction,
and all renewals, extensions, refinancings, replacements or refundings of such obligations;


 


(2)       (a)
Liens given to secure the payment of the purchase price incurred in connection with the acquisition (including acquisition through merger
or consolidation) of Property, including Finance Lease transactions in connection with any such acquisition, and (b) Liens existing on
Property at the time of acquisition thereof or at the time of acquisition by the Issuer or any of its Subsidiaries, or merger with or
acquisition of, any Person then owning such Property whether or not such existing Liens were given to secure the payment of the purchase
price of the Property to which they attach; provided that, with respect to clause (a), the Liens shall be given within 18 months after
such acquisition and shall attach solely to the Property acquired or purchased and any improvements then or thereafter placed thereon;


 


(3)        Liens in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 


 


(4)       Liens
for taxes not yet due or that are being contested in good faith by appropriate proceedings;


 


(5)       Liens
securing reimbursement obligations with respect to letters of credit that encumber documents and other Property relating to such letters
of credit and the products and proceeds thereof;


 


(6)        Liens encumbering customary deposits and
margin deposits and other Liens in the ordinary course of business, in each case securing Hedging Obligations and forward contracts, options,
futures contracts, futures options, equity hedges or similar agreements or arrangements designed to protect the Issuer from fluctuations
in interest rates, currencies, equities or the price of commodities;


 






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(7)        Liens
incurred to secure cash or investment management or custodial services in the ordinary course of business or on insurance policies and
the proceeds thereof securing the financing of the premiums with respect thereto;


 


(8)        Liens
in favor of the Issuer;


 


(9)        inchoate
Liens incident to construction or maintenance of real property, or Liens incident to construction or maintenance of real property, now
or hereafter filed of record for sums not yet delinquent or being contested in good faith, if reserves or other appropriate provisions,
if any, as shall be required by GAAP shall have been made therefor;


 


(10)       statutory
Liens arising in the ordinary course of business with respect to obligations which are not delinquent by more than 90 days or are being
contested in good faith, if reserves or other appropriate provisions, if any, as shall be required by GAAP shall have been made therefor;


 


(11)       Liens
arising out of judgments or awards against the Issuer and Liens arising solely by virtue of any statutory or common law provision relating
to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor
depository institution;


 


(12)       Liens
consisting of pledges or deposits to secure obligations or obtain any benefits under workers’ compensation laws and unemployment
insurance, old age pensions, social security or similar matters or legislation, including Liens of judgments thereunder which are not
currently dischargeable, or deposits in connection with obtaining or maintaining self-insurance;


 


(13)       Liens
consisting of pledges or deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature;


 


(14)       Liens
consisting of deposits of Property to secure the Issuer’s statutory obligations in the ordinary course of its business;


 


(15)       Liens
created in connection with a project financed with, and created to secure, a Non-recourse Obligation;


 


(16)       Liens
on Property in favor of the United States of America or any state thereof, or in favor of any other country, or any department,
agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure Indebtedness
of the pollution control or industrial revenue type) in order to permit the Issuer or any of its Subsidiaries to perform a contract
or to secure Indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing
or improving the Property subject to such security interests or which is required by law or regulation as a condition to the
transaction of any business or the exercise of any privilege, franchise or license;


 






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(17)       Liens
incurred in connection with pollution control, industrial revenue or similar financings;


 


(18)       Liens
on Property incurred in connection with any transaction permitted under ‎Section 3.07 which shall not be in addition to any basket
provided in Section 3.07(b); and


 


(19)       Liens
created in substitution of any Liens permitted by clauses (1) through (18) above, or pursuant to clauses (1) through (3) of clause (a)
of ‎Section 3.06 above; provided that, (a) based on a good faith determination of the Board of Directors of the Issuer, the Principal
Property encumbered by such substitute or replacement Lien is substantially similar in nature to the Principal Property encumbered by
the otherwise permitted Lien that is being replaced, and (b) the Indebtedness secured by such Lien at such time is not increased (other
than by an amount equal to any related financing costs (including, but not limited to, the accrued interest, fees, penalties and premium,
if any, on the Indebtedness being refinanced)).


 


“Principal Property” means the
land, improvements, buildings and fixtures owned by the Issuer or any of its Restricted Subsidiaries that constitutes the Issuer’s
(i) principal offices in Pleasanton, California, and (ii) any research and development facility and any service and support facility (in
each case including associated office facilities) located within the territorial limits of the States of the United States of America,
except (in the case of (ii)) (a) such as the Board of Directors by a Resolution of the Board of Directors determines in good faith (taking
into account, among other things, the importance of such Property to the business, financial condition and earnings of the Issuer and
its Subsidiaries taken as a whole) not to be of material importance to the Issuer’s and its Subsidiaries’ business, taken
as a whole or (b) has a net book value that, on the date of determination as to whether such Property is a Principal Property is being
made, is less than 1.00% of Consolidated Net Tangible Assets.


 


“Property” means any property
or asset, whether real, personal or mixed, or tangible or intangible, including shares of capital stock.


 


“Restricted Subsidiary” means
any domestic Subsidiary of the Issuer that owns any Principal Property (other than any of its less than 80%-owned Subsidiaries if the
common stock of such Subsidiary is traded on any national securities exchange or on the over-the-counter markets).


 






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“Subsidiary” of any specified
Person means any corporation, limited liability company, limited partnership, association or other business entity of which more than
50% of the total voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one
or more of the other Subsidiaries of that Person or a combination thereof.


 


Article
4

Remedies of the Trustee and Holders on Event of Default


 


Section 4.01. Event of Default; Acceleration
of Maturity; Waiver of Default. An “Event of Default” under each series of Securities hereunder means the occurrence of
one or more of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or
be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body):


 


(a)           
default in the payment of any installment of interest upon the applicable series of Securities as and when the same shall become
due and payable, and continuance of such default for a period of 30 days or more;


 


(b)           
default in the payment of the principal, or premium, or sinking fund installment, if any, on the applicable series of Securities
as and when the same shall become due and payable either at maturity, upon redemption, upon required repurchase, by declaration or otherwise;


 


(c)           
default in the performance, or breach, of any covenant in the Indenture, including any additional covenants set forth in any Officer's
Certificate or supplemental indenture governing the applicable series of Securities, (other than defaults specified in clause ‎(a)
or ‎(b) above), and continuance of such default or breach for a period of 90 days or more after the Issuer receives written notice
from the Trustee or the Issuer (with a copy to the Trustee) receives written notice from the Holders of at least 25% in aggregate principal
amount of the Securities of all such series affected then outstanding (all such series voting together as a single class) thereby, specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;


 


(d)            a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Issuer in an involuntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its Property or
ordering the winding up or liquidation of the affairs of the Issuer, and such decree or order shall remain unstayed and in effect
for a period of 60 consecutive days;


 






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(e)           
the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or for any
substantial part of its Property, or make any general assignment for the benefit of creditors;


 


(f)           
(1) a failure to make any payment at maturity, including any applicable grace period, on any Indebtedness of the Issuer (other
than Indebtedness of Issuer owing to any of its Subsidiaries) outstanding in an amount in excess of $100,000,000 and continuance of this
failure to pay or (2) a default on any Indebtedness of the Issuer (other than Indebtedness owing to any of its Subsidiaries), which default
results in the acceleration of such Indebtedness in an amount in excess of $100,000,000 without such Indebtedness having been discharged
or the acceleration having been cured, waived, rescinded or annulled, in the case of clause (1) or (2) above, for a period of 30 days
after such failure to pay or acceleration, as applicable; provided, however, that if any failure, default or acceleration referred to
in clause (1) or (2) above ceases or is cured, waived, rescinded or annulled, then the Event of Default hereunder will be deemed cured;
and


 


(g)           
any other Event of Default provided in the Officer’s Certificate, supplemental indenture or Resolution of the Board of Directors
under which such series of Securities is issued or in the form of Security for such series.


 


If an Event of Default described in clauses ‎Section
4.01(a), ‎Section 4.01(b), ‎Section 4.01(c), ‎Section 4.01(f) or ‎Section 4.01(g) above occurs and is continuing,
then, and in each and every such case, unless the principal of all of the Securities of such series shall have already become due and
payable, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities of each such series affected
that is then Outstanding hereunder (each such series voting together as a single class) by notice in writing to the Issuer (and to the
Trustee if given by Holders), may declare the entire principal (or, if the Securities of such series are Original Issue Discount Securities,
such portion of the principal amount as may be specified in the terms of such series) of all Outstanding Securities of each such series,
together with all accrued and unpaid interest and premium, if any, to be due and payable immediately, and upon any such declaration the
same shall become immediately due and payable.


 


If an Event of Default described in clauses ‎Section
4.01(d) or ‎Section 4.01(e) above occurs and is continuing, then the entire principal amount of the Outstanding Securities will
automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder.


 






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Notwithstanding the foregoing, the Holders of a
majority in principal amount of all series of the Outstanding Securities affected (all such series voting together as a single class)
by written notice to the Issuer and to the Trustee may on behalf of the Holders of all Securities of such series waive all past defaults
and rescind and annul a declaration of acceleration and its consequences if:


 


(i)           
all existing Events of Default, other than the nonpayment of the principal of and interest on the Securities that have become due
solely by the declaration of acceleration, have been cured or waived, and


 


(ii)           
the rescission would not conflict with any judgment or decree.


 


For all purposes under the Indenture, if a portion
of the principal of any Original Issue Discount Securities shall have been accelerated and declared due and payable pursuant to the provisions
hereof, then, from and after such declaration, unless such declaration has been rescinded and annulled, the principal amount of such Original
Issue Discount Securities shall be deemed, for all purposes hereunder, to be such portion of the principal thereof as shall be due and
payable as a result of such acceleration, and payment of such portion of the principal thereof as shall be due and payable as a result
of such acceleration, together with interest, if any, thereon and all other amounts owing thereunder, shall constitute payment in full
of such Original Issue Discount Securities.


 


Section 4.02. Collection of Indebtedness by
Trustee; Trustee May Prove Debt. The Issuer covenants that (a) in case default shall be made in the payment of any installment of
interest on any of the Securities of any series when such interest shall have become due and payable, and such default shall have continued
for a period of 30 days or (b) in case default shall be made in the payment of all or any part of the principal of any of the Securities
of any series when the same shall have become due and payable, whether upon maturity of the Securities of such series or upon any redemption
or by declaration or otherwise—then upon demand of the Trustee, the Issuer will pay to the Trustee for the benefit of the Holders
of the Securities of such series the whole amount that then shall have become due and payable on all Securities of such series for principal
or interest, as the case may be (with interest to the date of such payment upon the overdue principal and, to the extent that payment
of such interest is enforceable under applicable law, on overdue installments of interest at the same rate as the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series); and in addition thereto,
such further amount as shall be sufficient to cover the costs, fees and expenses of collection, including reasonable compensation to the
Trustee, their respective agents, attorneys and counsel, and any fees, expenses and liabilities incurred by the Trustee.


 






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Until such demand is made by the Trustee, the Issuer
may pay the principal of and interest on the Securities of any series to the Holders, whether or not the principal of and interest on
the Securities of such series be overdue.


 


In case the Issuer shall fail forthwith to pay
such amounts upon such demand, the Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to institute
any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings
to judgment or final decree, and may enforce any such judgment or final decree against the Issuer or other obligor upon such Securities
and collect in the manner provided by law out of the Property of the Issuer or other obligor upon such Securities, wherever situated,
the moneys adjudged or decreed to be payable.


 


In case there shall be pending proceedings relative
to the Issuer or any other obligor upon the Securities under Bankruptcy Law, or in case a receiver, assignee or trustee in bankruptcy
or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its
Property or such other obligor, or in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon the
Securities of any series, or to the creditors or Property of the Issuer or such other obligor, the Trustee, irrespective of whether the
principal of any Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in
such proceedings or otherwise:


 


(a)       to
file and prove a claim or claims for the whole amount of principal and interest (or, if the Securities of any series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in the terms of such series) owing and unpaid in respect
of the Securities of any series, and to file such other papers or documents as may be necessary or advisable in order to have the claims
of the Trustee including any claim for compensation to the Trustee and their respective agents, attorneys and counsel, and for reimbursement
of all fees, expenses and liabilities incurred, and all advances made, by the Trustee and of the Holders allowed in any judicial proceedings
relative to the Issuer or other obligor upon the Securities of any series, or to the creditors or Property of the Issuer or such other
obligor,


 


(b)       unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of the Securities of any series in any election of a trustee
or a standby trustee in arrangement, reorganization, liquidation or other bankruptcy or insolvency proceedings or Person performing similar
functions in comparable proceedings, and


 






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(c)       to
collect and receive any moneys or other property payable or deliverable on any such claims, and to distribute all amounts received with
respect to the claims of the Holders and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other
similar official is hereby authorized by each of the Holders to make payments to the Trustee, and, in the event that the Trustee shall
consent to the making of payments directly to the Holders, to pay to the Trustee such amounts as shall be sufficient to cover compensation
to the Trustee, and their respective agents, attorneys and counsel, and all other fees, expenses and liabilities incurred, and all advances
made, by the Trustee and all other amounts due to the Trustee pursuant to Section 5.07. To the extent that such payment of compensation,
reasonable expenses, advances and disbursements out of the estate in any such proceedings shall be denied for any reason, payment of the
same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, monies, securities and other property
that the Holders of the Securities may be entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization
or arrangement or otherwise.


 


Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holder any plan or reorganization, arrangement,
adjustment or composition affecting the Securities of any series or the rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy
or similar Person.


 


All rights of action and of asserting claims under
the Indenture, or under any of the Securities, may be enforced by the Trustee without the possession of any of the Securities or the production
thereof on any trial or other proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be brought
in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the reasonable expenses, disbursements
and compensation of the Trustee and their respective agents and attorneys, shall be for the ratable benefit of the holders of the Securities
in respect of which such action was taken.


 


In any proceedings brought by the Trustee (and
also any proceedings involving the interpretation of any provision of the Indenture to which the Trustee shall be a party) the Trustee
shall be held to represent all the Holders of the Securities in respect to which such action was taken, and it shall not be necessary
to make any Holders of such Securities parties to any such proceedings.


 


Section 4.03. Application of Proceeds. Any
moneys and other property collected by the Trustee pursuant to this Article in respect of any series shall be applied in the
following order at the date or dates fixed by the Trustee and, in case of the distribution of such moneys or property on account of
principal or interest, upon presentation of the several Securities in respect of which moneys or property have been collected and
stamping (or otherwise noting) thereon the payment, or issuing Securities of such series in reduced principal amounts in exchange
for the presented Securities of like series if only partially paid, or upon surrender thereof if fully paid:


 


FIRST: To the payment of all amounts
due to Trustee (acting in any capacity hereunder) and their respective agents and attorneys and of all fees, expenses and liabilities
incurred by the Trustee and all other amounts due to the Trustee pursuant to Section 5.07;


 






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SECOND: In case the principal of the
Securities of such series in respect of which moneys have been collected shall not have become and be then due and payable, to the payment
of interest on the Securities of such series in default in the order of the maturity of the installments of such interest, with interest
(to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities, such payments
to be made ratably to the Persons entitled thereto, without discrimination or preference;


 


THIRD: In case the principal of the Securities
of such series in respect of which moneys have been collected shall have become and shall be then due and payable, to the payment of the
whole amount then owing and unpaid upon all the Securities of such series for principal and interest, with interest upon the overdue principal,
and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest at the same rate as the
rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) specified in the Securities of such series;
and in case such moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities of such series, then
to the payment of such principal and interest or Yield to Maturity, without preference or priority of principal over interest or Yield
to Maturity, or of interest or Yield to Maturity over principal, or of any installment of interest over any other installment of interest,
or of any Security of such series over any other Security of such series, ratably to the aggregate of such principal and accrued and unpaid
interest or Yield to Maturity; and


 


FOURTH: To the payment of the remainder,
if any, to the Issuer or any other Person lawfully entitled thereto.


 


Section 4.04. Suits for Enforcement. In
case an Event of Default has occurred, has not been waived and is continuing, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by the Indenture by such appropriate judicial proceedings as the Trustee shall deem most
effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the
specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in the
Indenture or to enforce any other legal or equitable right vested in the Trustee by the Indenture or by law.


 






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Section 4.05. Restoration of Rights on Abandonment
of Proceedings. In case the Trustee shall have proceeded to enforce any right under the Indenture and such proceedings shall have
been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the
Issuer and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers
of the Issuer, the Trustee and the Holders shall continue as though no such proceedings had been taken.


 


Section 4.06. Limitations on Suits by Holder.
No Holder of any Security of any series shall have any right by virtue or by availing of any provision of the Indenture to institute
any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under or with respect to the Indenture, or for the
appointment of a trustee, receiver, liquidator, custodian or other similar official or for any other remedy hereunder, unless (i) such
Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided;
(ii) the Holders of not less than 25% in aggregate principal amount of the Securities of each such series affected that is then Outstanding
(voting together as a single class) shall have made written request upon the Trustee to institute such action or proceedings in its own
name as Trustee hereunder; (iii) such Holder or Holders shall have offered and provided to the Trustee such security or indemnity satisfactory
to the Trustee against the losses, costs, fees, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee
for 60 days after its receipt of such notice, request and offer of indemnity shall have failed to institute any such action or proceeding;
and (v) no direction inconsistent with such written request shall have been given to the Trustee during such 60-day period by the Holders
of a majority in aggregate principal amount of the Securities of each series affected then Outstanding. It is understood and intended,
and expressly covenanted by the taker and Holder of every Security with every other taker and Holder and the Trustee, that no one or more
Holders of any series shall have any right in any manner whatever by virtue or by availing of any provision of the Indenture to affect,
disturb or prejudice the rights of any other such Holder, or to obtain or seek to obtain priority over or preference to any other such
Holder or to enforce any right under the Indenture, except in the manner herein provided and for the equal, ratable and common benefit
of all Holders of the applicable series. For the protection and enforcement of the provisions of this Section, each and every Holder and
the Trustee shall be entitled to such relief as can be given either at law or in equity.


 


Section 4.07. Unconditional Right of
Holders to Institute Certain Suits. Notwithstanding any other provision in the Indenture and any provision of any Security, the
right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective
due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.


 






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Section 4.08. Powers and Remedies Cumulative;
Delay or Omission Not Waiver of Default.  Except as provided in Section 4.06, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or
in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.


 


No delay or omission of the Trustee or of any Holder
to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or
power or shall be construed to be a waiver of any such Event of Default or an acquiescence therein; and, subject to Section 4.06, every
power and remedy given by the Indenture or by law to the Trustee or to the Holders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Holders.


 


Section 4.09. Control by Holders. The Holders
of a majority in aggregate principal amount of the Securities of each series affected (voting together as a single class) at the time
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred on the Trustee with respect to the Securities of each such series by the Indenture; provided,
however, that such direction shall not be otherwise than in accordance with law and the provisions of the Indenture. The Trustee
shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, shall determine that the action
or proceeding so directed may not lawfully be taken or if the Trustee in good faith shall determine that the action or proceedings so
directed would involve the Trustee in personal liability or for which the Trustee has not been indemnified to its satisfaction or if the
Trustee in good faith shall determine that the actions or forbearances specified in or pursuant to such direction would be unduly prejudicial
to the interests of Holders of the Securities of all series so affected not joining in the giving of said direction, it being understood
that the Trustee shall have no affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
Holders.


 


Nothing in the Indenture shall impair the right
of the Trustee in its discretion to take any action deemed proper by the Trustee and which is not inconsistent with such direction or
directions by Holders.


 






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Section 4.10. Waiver of Past Defaults. 
Except as otherwise provided in Sections 4.01, 4.07 and 7.02 the Holders of a majority in aggregate principal amount of the Outstanding
Securities of one or more series (voting together as a single class) may, by written notice to the Trustee, on behalf of the Holders
of all Securities of each such series waive an existing default and its consequences. Upon such waiver, the default will cease to exist,
and any Event of Default arising therefrom will be deemed to have been cured, but no such waiver will extend to any subsequent or other
default or impair any right consequent thereon.


 


Section 4.11. Trustee to Give Notice of Default,
But May Withhold in Certain Circumstances.  The Trustee shall give to the Holders of any series, as the names and addresses of such
Holders appear on the Register, notice by mail of all defaults actually known to a Responsible Officer of the Trustee which have occurred
with respect to such series, such notice to be transmitted within 30 days after a Responsible Officer of the Trustee has received written
notice from the Issuer thereof or otherwise obtained actual knowledge thereof, unless such defaults shall have been cured before the giving
of such notice (the term “default” or “defaults” for the purposes of this section being hereby defined to mean
any event or condition which is, or with notice or lapse of time or both would become, an Event of Default); provided that, except in
the case of default in the payment of the principal of or interest on any of the Securities of such series, or in the payment of any sinking
or purchase fund installment with respect to the Securities of such series, the Trustee shall be protected in withholding such notice
if and so long as Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interests
of the Holders of such series.


 


Section 4.12. Right of Court to Require Filing
of Undertaking to Pay Costs.  In any suit for the enforcement of any right or remedy under the Indenture or in any suit against the
Trustee for any action taken or omitted by it as Trustee, a court may require any party litigant in such suit (other than the Trustee)
to file an undertaking to pay the costs of the suit, and the court may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the claims or
defenses made by the party litigant. This Section does not apply to a suit by a Holder to enforce payment of principal of or interest
on any Security on the respective due dates.


 


Article
5

Concerning the Trustee


 


Section 5.01. Duties and Responsibilities
of the Trustee; During Default; Prior to Default. (a) The duties and responsibilities of the Trustee are as provided by the
Trust Indenture Act and as set forth herein. Whether or not expressly so provided, every provision of the Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee is subject to this Article.


 






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(b)       Except
during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in the Indenture
and no others, and no implied covenants or obligations will be read into the Indenture against the Trustee. In case an Event of Default
of which a Responsible Officer shall have actual knowledge or shall have received written notice from the Issuer or any Holder of Securities
of any series stating that an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested
in it by the Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs.


 


(c)       No
provision of the Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure
to act or its own willful misconduct.


 


Section 5.02. Trustee’s Obligations with
Respect to the Covenants. The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Issuer’s
compliance with the covenants contained in Article 4 or with respect to any reports or other documents filed under the Indenture.


 


Section 5.03. Moneys Held by Trustee. Subject
to the provisions of Section 9.06 hereof, all moneys received by the Trustee shall, until used or applied as herein provided, be held
in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law.
Neither the Trustee nor any agent of the Issuer or the Trustee shall be liable for interest on any money received by it hereunder except
such as it may agree with the Issuer in writing to pay thereon.


 


Section 5.04. Reports by the Trustee to Holders.
Within 60 days after each May 15, beginning with May 15, 2022, the Trustee will mail to each Holder, as provided in Trust Indenture
Act Section 313(c), a brief report dated as of such May 15, if required by Trust Indenture Act Section 313(a), and file such reports with
each stock exchange upon which its Securities are listed and with the Commission if, and to the extent, required by Trust Indenture Act
Section 313(d).


 


The Trustee shall comply with Section 313(b) and
313(c) of the Trust Indenture Act.


 


A copy of each such report shall, at the time of
such transmission to Holders, be delivered by the Trustee to the Issuer, with each stock exchange upon which any Securities are listed
(if so listed) and also with the Commission.


 






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In addition, the Issuer shall promptly notify the
Trustee in writing of any change in the qualification of this Indenture.


 


Section 5.05. Certain Rights of the Trustee.
Subject to Trust Indenture Act Sections 315(a) through (d):


 


(a)           
In the absence of gross negligence or willful misconduct on its part, the Trustee may rely, and will be protected in acting or
refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, judgment, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to
have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but, in
the case of any document which is specifically required to be furnished to the Trustee pursuant to any provision hereof, the Trustee shall
examine the document to determine whether it conforms to the requirements of the Indenture (but need not confirm or investigate the accuracy
of mathematical calculations or other facts stated therein). The Trustee, in its discretion, may make further inquiry or investigation
into such facts or matters as it sees fit.


 


(b)           
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and an Opinion of Counsel conforming
to Section 10.05 and the Trustee will not be liable for any action it takes or omits to take in good faith in reliance on the certificate
or opinion.


 


(c)           
The Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any attorney
or agent appointed by the Trustee with due care.


 


(d)           
The Trustee will be under no obligation to exercise any of the rights or powers vested in it by the Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request or direction of any of the Holders, unless such Holders
have offered and provided to the Trustee security or indemnity satisfactory to the Trustee against losses, costs, fees, expenses and liabilities
that might be incurred by it in compliance with such request or direction.


 


(e)           
The Trustee will not be liable in its individual capacity for any action it takes, suffers or omits to take in good faith that
it believes to be authorized or within its rights or powers or for any action it takes or omits to take in accordance with the direction
of the Holders in accordance with Section 4.09 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under the Indenture.


 






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(f)           
 The Trustee may consult with counsel, and any advice of such counsel or any Opinion of Counsel will be full and complete authorization
and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.


 


(g)           
No provision of the Indenture will require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of its duties hereunder, or in the exercise of its rights or powers.


 


(h)           
The Trustee shall not be liable in its individual capacity for an error in judgment made in good faith by a Responsible Officer
or other officers of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts
as determined by a final order of a court of competent jurisdiction.


 


(i)           
The Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and believed by it to
be authorized or within the discretion or rights or powers conferred upon it by the Indenture.


 


(j)           
The Trustee shall have no duty to see to any recording, filing or depositing of the Indenture or any agreement referred to herein
or any financing statement or continuation statement evidencing a security interest, or the creation or perfection of any security interest,
or to see to the maintenance of any such re-recording or re-filing or re-depositing thereof.


 


(k)           
The Trustee assumes no responsibility for the accuracy or completeness of the information concerning the Issuer or any affiliate
of the issuer or any other party contained in this document or the related documents or for any failure by the Issuer or any other party
to disclose events that may have occurred and may affect the significance or accuracy of such information.


 


(l)           
The Trustee shall have no obligation to pursue any action that is not in accordance with applicable law.


 


(m)           
The permissive rights of the Trustee enumerated herein shall not be construed as duties.


 


(n)            The
Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers under this Indenture.
Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. The
Trustee may request that the Company deliver an Officer’s Certificate setting forth the names of individuals and the titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be
signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any such
certificate previously delivered and not superseded.


 






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(o)           
If any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be
sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred,
unless a Responsible Officer of the Trustee had actual knowledge of such event.


 


(p)           
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be compensated, reimbursed, and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder,
and each agent, custodian and other Person employed to act hereunder.


 


(q)           
The Trustee shall not be required to take notice or be deemed to have notice or knowledge of any default or Event of Default unless
a Responsible Officer of the Trustee shall have received written notice at the Corporate Trust Office of any event which is in fact a
default, from the Issuer or any Holder of the Securities, and such notice references the Securities and this Indenture and states that
it is a “Notice of Default” or otherwise obtained actual knowledge thereof. In the absence of receipt of such notice or actual
knowledge, the Trustee may conclusively assume that there is no default or Event of Default.


 


(r)           
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys not regularly in its employ and the Trustee shall not be responsible for any misconduct or negligence on the part
of any such agent or attorney appointed with due care.


 


Section 5.06. Trustee and Agents May Hold Securities;
Collections, etc. The Trustee or any agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner
or pledgee of Securities with the same rights it would have if it were not the Trustee or such agent and may otherwise deal with the Issuer
and receive, collect, hold and retain collections from the Issuer with the same rights it would have if it were not the Trustee or such
agent.


 


Section 5.07. Compensation and
Indemnification of Trustee and Its Prior Claim. (a) The Issuer will pay the Trustee compensation as agreed upon in writing for
its services. The compensation of the Trustee is not limited by any law on compensation of a trustee of an express trust. The Issuer
will reimburse the Trustee for all expenses, disbursements and advances incurred or made by the Trustee, (including the reasonable
compensation and the expenses and disbursements of its counsel and of all agents and other Persons not regularly in its employ)
except to the extent any such expense, disbursement or advance may arise from its gross negligence or willful misconduct as
determined by a final order of a court of competent jurisdiction. The Issuer also covenants to indemnify the Trustee, its directors,
officers, employees and agents, its directors, officers, employees and agents for, and to hold each of them harmless against, any
fees, damages, costs, loss, liability or expense (including reasonable attorneys’ fees and expenses and court costs) arising
out of or in connection with the acceptance or administration of the Indenture or the trusts hereunder (including enforcing this
Section 5.07) and the performance of its duties hereunder and under the Securities, including the costs and expenses (including
reasonable attorneys’ fees and expenses and court costs) incurred in connection with any action, claim or suit brought to
enforce the Trustee’s right to indemnification, and of defending itself against or investigating any claim of liability in the
premises and the costs and expenses of defending itself against any claim or liability and of complying with any process served upon
it or any of its officers, except to the extent such loss liability or expense is due to the gross negligence or willful misconduct
of the Trustee, as determined by a final order of a court of competent jurisdiction.


 






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Anything in the Indenture to the contrary notwithstanding,
in no event shall the Trustee be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits) even if the Trustee has been advised of the possibility of such losses or damages and regardless
of the form of action.


 


(b)       To
secure the Issuer’s payment obligations in this Section, the Trustee will have a lien prior to the Securities on all money or Property
held or collected by the Trustee, in its capacity as Trustee, except money or Property held in trust to pay principal of, and interest
on particular Securities and the obligations of the Issuer to the Trustee under this Section shall constitutes additional indebtedness.


 


The obligations of the Issuer under this Section
5.07 shall survive the resignation and removal of the Trustee and payment of the Securities and discharge of the Indenture, and shall
extend to any co-trustee or separate trustee.


 


Section 5.08. Right of Trustee to Rely on Officer’s
Certificate, etc. Subject to Sections 5.01 and 5.05, whenever in the administration of the trusts of the Indenture the Trustee shall
deem it necessary or desirable that a matter be proved or established prior to taking or suffering or omitting any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful
misconduct on the part of the Trustee as determined by a final order of a court of competent jurisdiction, be deemed to be conclusively
proved and established by an Officer’s Certificate delivered to the Trustee, and such certificate, in the absence of gross negligence
or willful misconduct on the part of the Trustee as determined by a final order of a court of competent jurisdiction, shall be full warrant
to the Trustee for any action taken, suffered or omitted by it under the provisions of the Indenture upon the faith thereof.


 






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Section 5.09. Disqualification; Conflicting
Interests. If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the
Trust Indenture Act, the Trustee and the Issuer shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.


 


Section 5.10. Persons Eligible for Appointment
as Trustee. The Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act Section 310(a) and has
a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.


 


Section 5.11. Resignation and Removal; Appointment
of Successor Trustee. (a) The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one
or more or all series of Securities by giving written notice of resignation to the Issuer. Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee or trustees with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy
to the successor trustee or trustees. If no successor trustee shall have been so appointed with respect to any series and have accepted
appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee, or any Holder who has been a bona fide Holder of a Security or Securities
of the applicable series for at least six months may, subject to the provisions of Section 4.12, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as
it may deem proper and prescribe, appoint a successor trustee.


 


(b)       In
case at any time any of the following shall occur:


 


(i)           
the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any series of
Securities after written request therefor by the Issuer or by any Holder who has been a bona fide Holder of a Security or Securities
of such series for at least six months; or


 


(ii)           
the Trustee shall cease to be eligible in accordance with the provisions of Section 310(a) of the Trust Indenture Act and shall
fail to resign after written request therefor by the Issuer or by any Holder; or


 


(iii)            the
Trustee shall become incapable of acting with respect to any series of Securities, or shall be adjudged a bankrupt or insolvent, or
a receiver or liquidator of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;


 






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then, in any such case, the Issuer may remove the
Trustee with respect to the applicable series of Securities and appoint a successor trustee for such series by written instrument, in
duplicate, executed by order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee so
removed and one copy to the successor trustee, or any Holder who has been a bona fide Holder of a Security or Securities of such
series for at least six months may on behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the removal of the Trustee and the appointment of a successor trustee with respect to such series. Such court may thereupon, after
such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.


 


(c)       The
Holders of a majority in aggregate principal amount of the Securities of each series at the time Outstanding may at any time, upon 30
days’ advance written notice, remove the Trustee with respect to Securities of such series and appoint a successor Trustee with
respect to the Securities of such series with the consent of the Issuer by delivering to the Trustee so removed, to the successor Trustee
so appointed and to the Issuer the evidence provided for in Section 6.01 of the action in that regard taken by the Holders.


 


(d)       Any
resignation or removal of the Trustee with respect to any series and any appointment of a successor Trustee with respect to such series
pursuant to any of the provisions of this Section 5.11 shall become effective only upon acceptance of appointment by the successor Trustee
as provided in Section 5.12.


 


(e)       Any
successor Trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such
series, and at any time there shall be only one Trustee with respect to the Securities of any particular series.


 


Section 5.12. Acceptance of Appointment by
Successor. Any successor Trustee appointed as provided in Section 5.11 shall execute and deliver to the Issuer and to its
predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor
Trustee with respect to all or any applicable series shall become effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all rights, powers, duties and obligations with respect to such series of its
predecessor hereunder, with like effect as if originally named as trustee for such series hereunder; but, nevertheless, on the
written request of the Issuer or of the successor Trustee, upon payment of its charges then unpaid, the trustee ceasing to act
shall, subject to Section 9.06, pay over to the successor Trustee all moneys at the time held by it hereunder and shall execute and
deliver an instrument transferring to such successor Trustee all such rights, powers, duties and obligations.


 






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If a successor Trustee is appointed with respect
to the Securities of one or more (but not all) series, the Issuer, the predecessor Trustee and each successor Trustee with respect to
the Securities of any applicable series shall execute and deliver a written instrument at the expense of the Issuer which (1) shall contain
such provisions as shall be deemed necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates, (2) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee
is not retiring shall continue to be vested in the predecessor Trustee, and (3) shall add to or change any of the provisions of the Indenture
as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such trustees’ co-trustees of the same trust and that each
such trustee shall be trustee of a trust or trusts under separate series.


 


Upon acceptance of appointment by any successor
Trustee as provided in this Section 5.12, the Issuer shall mail notice thereof by first-class mail to the Holders of any series for which
such successor Trustee is acting as trustee at their last addresses as they shall appear in the Register. If the acceptance of appointment
is substantially contemporaneous with the resignation, then the notice called for by the preceding sentence may be combined with the notice
called for by Section 5.11. If the Issuer fails to mail such notice within ten days after acceptance of appointment by the successor Trustee,
the successor Trustee shall cause such notice to be mailed at the expense of the Issuer.


 


Section 5.13. Merger, Conversion, Consolidation
or Succession to Business of Trustee. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another entity or national banking association, the resulting, surviving or transferee entity
or national banking association without any further act will be the successor Trustee with the same effect as if the successor Trustee
had been named as the Trustee in the Indenture.


 


In case at the time such successor to the
Trustee shall succeed to the trusts created by the Indenture any of the Securities of any series shall have been authenticated but
not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver
such Securities so authenticated; and, in case at that time any of the Securities of any series shall not have been authenticated,
any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate shall have the full force which it is anywhere in the Securities of such
series or in the Indenture provided that the certificate of the Trustee shall have; provided, that the right to adopt the
certificate of authentication of any predecessor Trustee or to authenticate Securities of any series in the name of any predecessor
Trustee shall apply only to its successor or successors by merger, conversion or consolidation.


 






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Section 5.14. Preferential Collection of Claims
Against the Issuer. The Trustees shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship
described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a)
of the Trust Indenture Act to the extent included therein.


 


Section 5.15. Trustee’s Disclaimer. The
Trustee (i) makes no representation as to the validity or adequacy of the Indenture or the Securities, (ii) is not accountable for the
Issuer’s use or application of the proceeds from the Securities and (iii) is not responsible for any statement in the Indenture,
the Securities, any Offering Document or any other documents relating to the issuance of the Securities, other than its certificate of
authentication.


 


Article
6

Concerning the Holders


 


Section 6.01. Evidence of Action Taken by Holders.
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by the Indenture to be given or taken
by a specified percentage in principal amount of the Holders of any or all series may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such specified percentage of Holders in person or by agent duly appointed in writing; and, except
as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee.


 


If the Issuer shall solicit from the Holders
of any series any request, demand, authorization, direction, notice, consent, waiver or other action, the Issuer may, at its option,
as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Holders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Issuer shall have
no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or
other action, may be given before or after the record date, but only the Holders of the requisite proportion of Outstanding
Securities of that series who have authorized or agreed or consented to such request, demand, authorization, direction, notice,
consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record
date; provided, however, that no such authorization, agreement or consent by such Holders on the record date shall be
deemed effective unless it shall become effective pursuant to the provisions of the Indenture not later than six months after the
record date.


 






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Proof of execution of any instrument or of a writing
appointing any such agent shall be sufficient for any purpose of the Indenture and (subject to Sections 5.01 and 5.05) conclusive in favor
of the Trustee and the Issuer, if made in the manner provided in this Article.


 


Section 6.02. Proof of Execution of Instruments
and of Holding of Securities; Record Date. Subject to Sections 5.01 and 5.05, the execution of any instrument by a Holder or his agent
or proxy may be proved in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner
as shall be satisfactory to the Trustee. The holding of Securities shall be proved by the Register or by a certificate of the registrar
thereof. The Issuer may set a record date for purposes of determining the identity of Holders of any series entitled to vote or consent
to any action referred to in Section 6.01, which record date may be set at any time or from time to time by notice to the Trustee, for
any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor less than five days prior to the proposed
date of such vote or consent, and thereafter, notwithstanding any other provisions hereof, only Holders of such series of record on such
record date shall be entitled to so vote or give such consent or revoke such vote or consent. Notice of such record date may be given
before or after any request for any action referred to in Section 6.01 is made by the Issuer.


 


Section 6.03. Holders to Be Treated as Owners.
Prior to the due presentment for registration of transfer of any Security, the Issuer, the Trustee and any agent of the Issuer or
the Trustee may deem and treat the Person in whose name any Security shall be registered upon the Register for such series as the absolute
owner of such Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon)
for the purpose of receiving payment of or on account of the principal of, and, subject to the provisions of the Indenture, interest on
such Security and for all other purposes; and neither the Issuer, the Trustee, nor any agent of the Issuer or the Trustee shall be affected
by any notice to the contrary. All such payments so made to any such Person, or upon his order, shall be valid, and, to the extent of
the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security.


 






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Section 6.04. Securities Owned by Issuer
Deemed Not Outstanding. In determining whether the Holders of the requisite aggregate principal amount of Outstanding Securities
of any or all series have concurred in any direction, consent or waiver under the Indenture, Securities which are owned by the
Issuer or any other obligor on the Securities with respect to which such determination is being made or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor on the
Securities with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on
any such direction, consent or waiver only Securities which a Responsible Officer of the Trustee actually knows are so owned, or has
received written notice that such Securities are so owned, shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so
to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any other obligor
on the Securities. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision
made by the Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an
Officer’s Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held by or for the
account of any of the above-described Persons; and, subject to Sections 5.01 and 5.05, the Trustee shall be entitled to accept such
Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Securities not listed
therein are Outstanding for the purpose of any such determination.


 


Section 6.05. Right of Revocation of Action
Taken. At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 6.01, of the taking of any action
by the Holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in
the Indenture in connection with such action, any Holder of a Security the serial number of which is shown by the evidence to be included
among the serial numbers of the Securities the Holders of which have consented to such action may, by filing written notice at the applicable
Corporate Trust Office and upon proof of holding as provided in this Article, revoke such action so far as concerns such Security. Except
as aforesaid any such action taken by the Holder of any Security shall be conclusive and binding upon such Holder and upon all future
Holders and owners of such Security and of any Securities issued in exchange or substitution therefor, irrespective of whether or not
any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal
amount of the Securities of any or all series, as the case may be, specified in the Indenture in connection with such action shall be
conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.


 






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Article
7


Amendments, Supplements
and Waivers


 


Section 7.01. Supplemental Indentures without
Consent of Holders. The Issuer and the Trustee may amend the Indenture or the Securities or enter into an indenture supplemental hereto
without notice to or the consent of any Holder to


 


(a)           
cure ambiguities, mistakes, omissions, defects or inconsistencies, as evidenced by an Officer’s Certificate;


 


(b)           
make any change that would provide any additional rights or benefits to the Holders of the Securities of a series;


 


(c)           
provide for or add guarantors with respect to the Securities of any series;


 


(d)           
secure the Securities of any series;


 


(e)           
establish the form or forms of Securities of any series;


 


(f)           
provide for uncertificated Securities of any series in addition to or in place of certificated Securities of the applicable series;


 


(g)           
evidence and provide for the acceptance of appointment by a successor Trustee;


 


(h)           
provide for the assumption by a successor corporation, partnership, trust or limited liability company of the Issuer’s obligations
to the Holders of the Securities of any series, in each case in compliance with the applicable provisions of the Indenture;


 


(i)           
maintain the qualification of the Indenture under the Trust Indenture Act;


 


(j)           
conform any provision in the Indenture or the terms of the Securities of any series to the prospectus, offering memorandum, offering
circular or any other document pursuant to which the Securities of such series were offered (any such document, an “Offering
Document”); or


 


(k)           
make any change that does not adversely affect the rights of any Holder in any material respect.


 


The Trustee is hereby authorized to and shall
join with the Issuer in the execution of any such amendment or supplemental indenture, to make any further appropriate agreements
and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
Property thereunder, but the Trustee shall not be obligated to enter into any such amendment or supplemental indenture which affects
the Trustee’s own rights, duties or immunities under the Indenture or otherwise.


 






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Any amendment or supplemental indenture authorized
by the provisions of this section may be executed without notice to and without the consent of the Holders of any of the Securities at
the time Outstanding, notwithstanding any of the provisions of Section 7.02.


 


Section 7.02. Supplemental Indentures with Consent
of Holders. (a) With the consent (evidenced as provided in Article 6) of the Holders of not less than a majority in aggregate principal
amount of the Securities at the time Outstanding of all series affected by such amendment or supplemental indenture (voting together as
a single class), the Issuer, when authorized by a Resolution of its Board of Directors, and the Trustee may, from time to time and at
any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the
Holders of the Securities of each such series and such Holders may waive future compliance by the Issuer with a provision of the Indenture
or the Securities.


 


(b)       Notwithstanding
the provisions of Section 7.02(a), without the consent of each affected Holder of a particular series, an amendment, supplement or waiver
may not


 


(i)           
reduce the principal amount, or extend the fixed maturity, of the Securities, alter or waive the redemption or mandatory repurchase
provisions of the Securities;


 


(ii)           
impair the right of any Holder of the Securities to receive payment of principal (including premium, if any, and amounts due upon
redemption or mandatory repurchase) or interest on the Securities on and after the due dates for such principal or interest;


 


(iii)           
change the currency in which principal, any premium or interest is paid;


 


(iv)           
reduce the percentage in principal amount Outstanding of Securities of any series which must consent to an amendment, supplement
or waiver or consent to take any action;


 


(v)           
impair the right to institute suit for the enforcement of any payment on the Securities;


 


(vi)           
waive a payment default with respect to the Securities or any guarantor;


 






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(vii)           
 reduce the interest rate or extend the time for payment of interest on the Securities;


 


(viii)           
adversely affect the ranking of the Securities of any series; or


 


(ix)           
change the location of the office or agency required under ‎Section 3.02 or any place of payment unless set forth in the
Offering Document relating to such Securities.


 


It shall not be necessary for the consent of the
Holders under this section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent
shall approve the substance thereof.


 


Section 7.03. Execution of Amendments or Supplemental
Indentures or Waivers. Upon the request of the Issuer, accompanied by a copy of a Resolution of the Board of Directors certified by
the secretary or an assistant secretary of the Issuer authorizing the execution of any such amendment, supplemental indenture or waiver
and upon the delivery to the Trustee of evidence of the consent of Holders as aforesaid and other documents, if any, required by Section
6.01, the Trustee shall join with the Issuer in the execution of such amendment, supplemental indenture or waiver unless such supplemental
indenture or waiver affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee
may in its discretion, but shall not be obligated to, enter into such amendment, supplemental indenture or waiver.


 


The Trustee, subject to the provisions of Sections
5.01 and 5.05, shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any amendment, supplemental
indenture or waiver executed pursuant to this Article 7 complies with the applicable provisions of the Indenture.


 


Promptly after the execution by the Issuer and
the Trustee of any amendment, supplemental indenture or waiver pursuant to the provisions of this Section, the Issuer shall mail a notice
thereof by first class mail to the Holders of each series affected thereby at their addresses as they shall appear on the Register of
the Issuer, setting forth in general terms the substance of such amendment, supplemental indenture or waiver. Any failure of the Issuer
to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplemental
indenture or waiver.


 


Section 7.04. Effect of Amendment,
Supplemental Indenture or Waiver. Upon the execution of any amendment, supplemental indenture or waiver pursuant to the
provisions hereof, the Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective
rights, limitations of rights, obligations, duties and immunities under the Indenture of the Trustee, the Issuer and the Holders of
each series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such amendment, supplemental indenture or waiver shall be and
be deemed to be part of the terms and conditions of the Indenture for any and all purposes.


 






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Section 7.05. Effect of Consent. After an
amendment, supplement or waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent of each Holder
affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement
or waiver will bind each Holder that has consented to it and every subsequent Holder of a Security that evidences the same debt as the
Security of the consenting Holder.


 


Section 7.06. Notation on Securities in Respect
of Amendments, Supplemental Indentures or Waivers. Securities of any series authenticated and delivered after the execution of any
amendment, supplemental indenture or waiver pursuant to the provisions of this Article may bear a notation in form approved by the Trustee
for such series, as to any matter provided for by such amendment, supplemental indenture or waiver or as to any action taken at any such
meeting. If the Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and
the Board of Directors of the Issuer, to any modification of the Indenture contained in any such amendment, supplemental indenture or
waiver may be prepared by the Issuer, authenticated by the Trustee and delivered in exchange for the Securities of such series then Outstanding.


 


Section 7.07. Conformity with the Trust Indenture
Act. Every amendment, supplemental indenture or waiver executed pursuant to this Article shall conform to the requirements of the
Trust Indenture Act as then in effect.


 


Article
8

Consolidation, Merger, Sale or Conveyance


 


Section 8.01. Consolidation, Merger or Sale
of Assets by the Issuer. (a) The Issuer shall not merge or consolidate or combine with or into or, directly or indirectly, sell, assign,
convey, lease, transfer or otherwise dispose of all or substantially all of its assets to any Person or Persons in a single transaction
or through a series of transactions, unless:


 


(i)           
the Issuer shall be the continuing Person or, if the Issuer is not the continuing Person, the resulting, surviving or transferee
Person (the “Surviving Entity”) is a corporation, partnership, trust, or limited liability company organized and existing
under the laws of the United States or any state thereof or the District of Columbia;


 






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(ii)           
 the Surviving Entity shall expressly assume all of the Issuer’s obligations under the Securities and the Indenture, and
shall, if required by law to effectuate the assumption, execute a supplemental indenture in form satisfactory to the Trustee which will
be delivered to the Trustee;


 


(iii)           
immediately after giving effect to such transaction or series of transactions on a pro forma basis, no Event of Default has occurred
and is continuing; and


 


(iv)           
the Issuer or the Surviving Entity will have delivered to the Trustee an Officer’s Certificate and Opinion of Counsel stating
that the transaction or series of transactions and a supplemental indenture complies with this Section 8.01 and that all conditions precedent
in the Indenture relating to the transaction or series of transactions have been satisfied.


 


(b)           
The restrictions in Sections 8.01(a)(iii) and 8.01(a)(iv) shall not be applicable to:


 


(i)           
the merger or consolidation of the Issuer with an affiliate of the Issuer if the Board of Directors determines in good faith that
the purpose of such transaction is principally to change the state of incorporation of the Issuer or convert the form of organization
of the Issuer to another form; or


 


(ii)           
the merger of the Issuer with or into a single direct or indirect wholly owned subsidiary of the Issuer pursuant to Section 251(g)
(or any successor provision) of the General Corporation Law of the State of Delaware (or similar provision of the Issuer’s state
of incorporation).


 


Section 8.02. Successor Substituted. If
any consolidation or merger or any sale, assignment, conveyance, lease, transfer or other disposition of all or substantially all of the
Issuer’s assets occurs in accordance with the Indenture, the successor Person shall succeed to, and be substituted for, and may
exercise every right and power of the Issuer under the Indenture with the same effect as if such successor Person had been named herein
as the Issuer and the Issuer shall (except in the case of a lease) be discharged from all obligations and covenants under the Indenture
and the Securities.


 


Article
9

Defeasance and Discharge; Unclaimed Moneys


 


Section 9.01. Satisfaction and Discharge of
Indenture. The Issuer may terminate its obligations under the Indenture, when:


 


(a)           
 either (i) all the Securities of any series issued that have been authenticated and delivered have been accepted by the Trustee
for cancellation (other than any Securities of such series which shall have been destroyed, lost or stolen and which shall have been replaced
or paid as provided in Section 2.09); or (ii) all the Securities of any series issued that have not been accepted by the Trustee for cancellation
shall have become due and payable, or are by their terms to become due and payable within one year, and the Issuer shall have made irrevocable
arrangements satisfactory to the Trustee for the giving of notice of redemption by such Trustee in the Issuer’s name, and at the
Issuer’s expense and the Issuer have irrevocably deposited or caused to be irrevocably deposited with the Trustee sufficient funds
to pay and discharge the entire indebtedness on the series of Securities to pay principal, interest and any premium; and


 






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(b)           
The Issuer shall have paid or caused to be paid all other sums then due and payable under the Indenture; and


 


(c)           
The Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent under the Indenture relating to the satisfaction and discharge of the indenture have been complied with.


 


If the foregoing conditions are met, the Trustee,
on written demand of the Issuer accompanied by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of
the Issuer, shall execute such instruments prepared by the Issuer acknowledging such satisfaction of and discharging the Indenture with
respect to such series except as to those provisions which expressly survive satisfaction and discharge, including Section 5.07, and if
money has been deposited with the Trustee under Section 9.01(a), Sections 9.04, 9.05, and 9.06.


 


Section 9.02. Legal Defeasance. After the
91st day following the deposit referred to in Section 9.02(a), the Issuer will be deemed to have paid and will be discharged from its
obligations in respect of the Securities of any series and the Indenture, other than its obligations in Article 2 and Sections 3.01, 3.02,
5.07, 5.11, and:


 


(1)       rights
of registration of transfer and exchange of Securities of such series, and the Issuer’s right of optional redemption, if any;


 


(2)       substitution
of mutilated, defaced, destroyed, lost or stolen Securities;


 


(3)       rights
of Holders to receive payments when due of principal thereof and interest thereon;


 


(4)       the
rights, powers, trusts, duties and immunities of the Trustee hereunder;


 






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(5)       the
rights of the Holders of such series as beneficiaries hereof with respect to the Property so deposited with the Trustee payable to all
or any of them; and


 


(6)       the
rights of the Issuer to be repaid any money pursuant to Sections ‎9.05 and ‎9.06,


 


provided the following conditions have been
satisfied:


 


(a)           
The Issuer has irrevocably deposited or caused to be irrevocably deposited with the Trustee as trust funds for the purpose of making
the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of the Securities of
a series in cash or Governmental Obligations or a combination thereof (other than moneys repaid by the Trustee or any paying agent to
the Issuer in accordance with Section 9.06) in each case in an amount sufficient without reinvestment, in the written opinion of a nationally
recognized firm of independent public accountants to pay and discharge, and which shall be applied by the Trustee to pay and discharge,
all of the principal, interest and any premium at due date or maturity, and any other amounts owing under the Indenture, or if the Issuer
has made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the Issuer’s
name and at the Issuer’s expense, the redemption date;


 


(b)           
The Issuer has delivered to the Trustee an Opinion of Counsel stating that, as a result of an IRS ruling or a change in applicable
federal income tax law, the beneficial owners of the Securities of that series will not recognize gain or loss for federal income tax
purposes as a result of the deposit, defeasance and discharge to be effected and will be subject to the same federal income tax as would
be the case if the deposit, defeasance and discharge did not occur;


 


(c)           
No default with respect to the outstanding Securities of that series has occurred and is continuing at the time of such deposit
after giving effect to the deposit or, in the case of legal defeasance, no default relating to bankruptcy or insolvency has occurred and
is continuing at any time on or before the 91st day after the date of such deposit (other than an Event of Default resulting from the
borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings), it being understood that this condition
is not deemed satisfied until after the 91st day;


 


(d)           
The defeasance will not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act, assuming
all Securities of a series were in default within the meaning of such act;


 


(e)            The
defeasance will not result in a breach or violation of, or constitute a default under, the Indenture (other than an Event of Default
resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings), or any
other material agreement or instrument to which the Issuer is a party or by which it is bound;


 






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(f)           
The defeasance will not result in the trust arising from such deposit constituting an investment company within the meaning of
the Investment Company Act of 1940, as amended, unless the trust is registered under such Act or exempt from registration; and


 


(g)           
The Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case stating that all
conditions precedent provided for herein relating to the defeasance have been complied with;


 


Prior to the end of the 91-day period, none of
the Issuer’s obligations under the Indenture will be discharged. Thereafter, the Trustee upon request and at the cost and expense
of the Issuer, will acknowledge in writing the discharge of the Issuer’s obligations under the Securities and the Indenture except
for the surviving obligations specified above.


 


Section 9.03. Covenant Defeasance. After
the 91st day following the deposit referred to in Section 9.02(a), the Issuer’s obligations set forth in Sections 3.04, 3.05 and
8.01 will terminate and Section 4.01(c) will no longer constitute an Event of Default, provided the following conditions have been
satisfied:


 


(a)           
The Issuer has complied with clauses (a), (c), (d), (e), (f) and (g) of Section 9.02; and


 


(b)           
the Issuer has delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the Securities of that series will
not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit and covenant defeasance to be effected and
will be subject to the same federal income tax as would be the case if the deposit and covenant defeasance did not occur.


 


Except as specifically stated above, none of the
Issuer’s obligations under the Indenture will be discharged.


 


Section 9.04. Application by Trustee of Funds
Deposited for Payment of Securities. Subject to Section 9.06, all moneys deposited with the Trustee pursuant to Section 9.01 shall
be held in trust and applied by it to the payment, either directly or through any paying agent (including the Issuer acting as its own
paying agent), to the Holders of the particular Securities of such series for the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee, of all sums due and to become due thereon for principal and interest. Such money need
not be segregated from other funds except to the extent required by law.


 






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Section 9.05. Repayment of Moneys Held by Paying
Agent. In connection with the satisfaction and discharge of the Indenture with respect to Securities of any series, all moneys then
held by any paying agent under the provisions of the Indenture with respect to such series of Securities shall, upon demand of the Issuer,
be repaid to the Issuer or paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect
to such moneys or Governmental Obligations.


 


Section 9.06. Return of Moneys Held by Trustee
and Paying Agent Unclaimed for Two Years. Subject to applicable escheatment laws, any moneys or Governmental Obligations deposited
with or paid to the Trustee or any paying agent for the payment of the principal of or interest on any Security of any series and not
applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable,
shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable escheat or abandoned
or unclaimed property law, be repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the Security
of such series shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed property laws,
thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any
paying agent with respect to such moneys shall thereupon cease.


 


Article
10

Miscellaneous Provisions


 


Section 10.01. Incorporators, Stockholders,
Employees, Officers and Directors of Issuer Exempt from Individual Liability. No recourse under or upon any obligation, covenant or
agreement contained in the Indenture, or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator,
as such, or against any past, present or future stockholder, employee, officer or director, as such, of the Issuer or of any successor,
either directly or through the Issuer or any successor, under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the Holders thereof and as part of the consideration for the issue of the Securities.


 


Section 10.02. Provisions of Indenture for the
Sole Benefit of Parties and Holders. Nothing in the Indenture or in the Securities, expressed or implied, shall give or be construed
to give to any Person, firm or corporation, other than the parties hereto and their successors and the Holders of the Securities, any
legal or equitable right, remedy or claim under the Indenture or under any covenant or provision herein contained, all such covenants
and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Securities.


 






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Section 10.03. Successors and Assigns of Issuer
Bound by Indenture. All the agreements of the Issuer in the Indenture and the Securities shall bind its successors and assigns.


 


Section 10.04. Notices and Demands on Issuer,
Trustee and Holders. Any notice or demand which by any provision of the Indenture is required or permitted to be given or served by
the Trustee or by the Holders to or on the Issuer may be given or served by being deposited postage prepaid, first-class mail (except
as otherwise specifically provided herein) addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to
Workday, Inc., 6110 Stoneridge Mall Road Pleasanton, CA 94588 Attention: Chief Financial Officer and a copy of such notice or demand shall
be sent to the Issuer’s Chief Legal Officer at the same address. Any notice, direction, request or demand by the Issuer or any Holder
to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or made at the applicable Corporate
Trust Office of the Trustee, initially at U.S. Bank Trust Company, National Association, 1 California Street, Suite 1000, San Francisco,
CA 94111, Attention: D. Jason (Workday, Inc. Administrator).


 


Where the Indenture provides for notice to Holders,
such notice shall be sufficiently given (unless otherwise herein expressly provided) (x) in the case of certificated Securities, if in
writing and mailed, first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in the Register and
(y), in the case of Global Securities, if given to the Depositary (or its designee) pursuant to the standing instructions from the Depositary
or its designee, including by electronic mail in accordance with its applicable procedures. In any case where notice to Holders is given
by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where the Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Holders shall be delivered to the Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.


 


In case, by reason of the suspension of or irregularities
in regular mail service, it shall be impracticable to mail notice to the Issuer and Holders when such notice is required to be given pursuant
to any provision of the Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be
a sufficient giving of such notice.


 


All notices, approvals, consents, requests
directions and any communications hereunder must be in writing (provided that any notices, approvals, consents, requests, directions
and other communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of a digital
signature provided by DocuSign or Adobe Sign (or such other digital signature provider as specified in writing to the Trustee by an
Officer of the Issuer), in English. Any party delivering any communications to the Trustee by electronic means agrees to assume all
risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including
without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third
parties.


 






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Section 10.05. Officer’s Certificates
and Opinions of Counsel; Statements to Be Contained Therein. Upon any application or demand by the Issuer to the Trustee to take any
action under any of the provisions of the Indenture, the Issuer shall, if requested by the Trustee, furnish to the Trustee an Officer’s
Certificate stating that all conditions precedent, if any, provided for in the Indenture relating to the proposed action have been complied
with and an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with.


 


Each certificate or opinion provided for in the
Indenture and delivered to the Trustee with respect to compliance with a condition or covenant provided for in the Indenture shall include
(a) a statement that the Person making such certificate or opinion has read such covenant or condition, (b) a brief statement as to the
nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based, (c) a statement that, in the opinion of such Person, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether
or not, in the opinion of such Person, such condition or covenant has been complied with.


 


Any certificate, statement or opinion of an officer
of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters upon which his certificate, statement
or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any
certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters, information with respect to which
is in the possession of the Issuer, upon the certificate, statement or opinion of or representations by an officer or officers of the
Issuer, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which
his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that
the same are erroneous.


 


Any certificate, statement or opinion of an
officer of the Issuer or Opinion of Counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion
of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel, as the
case may be, knows that the certificate or opinion or representations with respect to the accounting matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that
the same are erroneous.


 






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Any certificate or opinion of any independent firm
of public accountants delivered to the Trustee shall contain a statement that such firm is independent.


 


Section 10.06. Payments Due on Saturdays, Sundays
and Holidays. Except as provided pursuant to ‎Section 2.01 pursuant to a Resolution of the Board of Directors, and as set forth
in an Officer’s Certificate, or established in one or more indentures supplemental to the Indenture, if the date of maturity of
interest on or principal of the Securities of any series or repayment of any such Security shall not be a Business Day, then payment of
interest or principal need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the date of maturity or the date fixed for redemption, and no interest shall accrue for the period after such date. Any
redemption date or required repurchase date must be a Business Day.


 


Section 10.07. Trust Indenture Act of 1939.
The Indenture shall incorporate and be governed by the provisions of the Trust Indenture Act that are required to be part of and to
govern indentures qualified under the Trust Indenture Act.


 


Section 10.08. New York Law to Govern. The
Indenture and each Security shall be governed by and construed in accordance with the laws of the State of New York. The parties hereto
hereby (i) irrevocably submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan, the city
of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection
that such courts are an inconvenient forum or do not have jurisdiction over any party.


 


Section 10.09. Counterparts. The
parties may sign multiple counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them
together represent the same agreement. This Indenture shall be valid, binding, and enforceable against a party only when executed
and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal
Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any
other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code/UCC (collectively,
 “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each
electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect,
and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and
shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any
party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together,
constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or
indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the
writings; provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by the
Trustee.


 






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Section 10.10. Effect of Headings. The Article
and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.


 


Section 10.11. Separability. In case any
one or more of the provisions contained in the Indenture or in the Securities of any series shall for any reason be held to be invalid,
illegal, or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect or impair any other provisions
of the Indenture or of such Securities, but the Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable
provision had never been contained herein or therein.


 


Section 10.12. Force Majeure. In no event
shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation, any act or provision of any present or future
law or regulation or governmental authority, labor dispute, disease, quarantine, national emergency, malware or ransomware, communications
system failure, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, epidemics, pandemics, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware)
services, unavailability of the Federal Reserve Bank wire or telex system or other wire or other funds transfer system or the unavailability
of any securities clearing system; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.


 


Section 10.13. U.S.A. Patriot Act. The parties
hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies
each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree
that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the
U.S.A. Patriot Act.


 






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Section 10.14. Waiver of Jury Trial. EACH
OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Article
11

Redemption of Securities and Sinking Fund Provisions


 


Section 11.01. Applicability of Article. The
provisions of this Article shall be applicable to the Securities of any series which are redeemable before their maturity or to any sinking
fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 2.03 for Securities of such
series.


 


Section 11.02. Notice of Redemption; Partial
Redemptions. Notice of redemption to the Holders of any series to be redeemed as a whole or in part at the option of the Issuer shall
be given by mailing notice of such redemption by first class mail, postage prepaid, at least 10 days and not more than 60 days prior to
the date fixed for redemption to such Holders of such series, which must be a Business Day, at their last addresses as they shall appear
upon the Register, with a copy to the Trustee. Any notice which is mailed in the manner herein provided shall be conclusively presumed
to have been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or any defect in the notice to
the Holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings
for the redemption of any other Security of such series.


 


The notice of redemption to each such Holder shall
specify the principal amount of each Security of such series held by such Holder to be redeemed, the date fixed for redemption, the redemption
price, the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that such redemption
is pursuant to the mandatory or optional sinking fund, or both, if such be the case, that interest accrued to the date fixed for redemption
will be paid as specified in such notice and that on and after said date interest thereon or on the portions thereof to be redeemed will
cease to accrue. In case any Security of a series is to be redeemed in part only the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security,
a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued.


 


The notice of redemption of Securities of any
series to be redeemed shall be prepared and given by the Issuer or, at the Issuer’s request, prepared by the Issuer and given
by the Trustee in the name and at the expense of the Issuer. If the Trustee is so directed by written notice set forth in an
Officer’s Certificate to deliver such notice, the Issuer shall provide such notice to the Trustee no less than 5 days before
the notice is to be delivered to Holders, unless a shorter period shall be agreed to by the Trustee.


 



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If less than all the Securities of a series are
to be redeemed, the Securities to be redeemed shall be selected by lot by the Depositary in the case of Securities represented by a Global
Security, or, in the case of Securities not represented by a Global Security, the Trustee shall select, in such manner as it shall deem
fair and appropriate, subject to the applicable procedures of the Depositary and any applicable stock exchange’s procedures, Securities
of such series to be redeemed in whole or in part. For the avoidance of doubt, the Trustee shall have no duty to make or verify any calculations
with respect to any redemption. Securities may be redeemed in part in multiples equal to the minimum authorized denomination for Securities
of such series or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of the Securities of such series selected
for redemption and, in the case of any Securities of such series selected for partial redemption, the principal amount thereof to be redeemed.
For all purposes of the Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities of any
series shall relate, in the case of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such
Security which has been or is to be redeemed.


 


On or prior to 11:00 a.m., New York time, on any
redemption date specified in the notice of redemption given as provided in this Section, the Issuer will deposit with the Trustee or with
one or more paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided in
Section 3.03) an amount of money sufficient to redeem on the redemption date all the Securities of such series so called for redemption
at the appropriate redemption price, together with accrued interest to the date fixed for redemption. The Trustee is permitted to accept
the Issuer’s direction regarding redemptions, notwithstanding anything to the contrary in this Indenture, and the Trustee shall
have no liability for any action taken at the Issuer’s direction.


 


Section 11.03. Payment of Securities
Called for Redemption. If notice of redemption has been given as above provided, the Securities or portions of Securities
specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest accrued to said date) interest on
the Securities or portions of Securities so called for redemption shall cease to accrue and such Securities shall cease from and
after the date fixed for redemption to be entitled to any benefit or security under the Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price thereof and unpaid interest to the date
fixed for redemption. On presentation and surrender of such Securities at a place of payment specified in said notice, said
Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption price, together
with interest accrued thereon to the date fixed for redemption; provided that any payment of interest becoming due on or before the
date fixed for redemption shall be payable to the Holders of such Securities registered as such on the relevant record date.


 






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If any Security called for redemption shall not
be so paid upon surrender thereof for redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed
for redemption at the rate of interest or Yield to Maturity (in the case of an Original Issue Discount Security) borne by the Security.


 


Upon presentation of any Security redeemed in part
only, the Issuer shall execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense
of the Issuer, a new Security or Securities of such series, of authorized denominations, in principal amount equal to the unredeemed portion
of the Security so presented.


 


Section 11.04. Exclusion of Certain Securities
from Eligibility for Selection for Redemption. Securities shall be excluded from eligibility for selection for redemption if they
are identified by registration and certificate number in a written statement signed by an authorized officer of the Issuer and delivered
to the Trustee at least 15 days prior to the last date on which notice of redemption may be given as being owned of record and beneficially
by, and not pledged or hypothecated by either (a) the Issuer or (b) an entity specifically identified in such written statement directly
or indirectly controlling or controlled by or under direct or indirect common control with the Issuer.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF, the parties hereto have caused
the Indenture to be duly executed as of the date set forth above.


 


	 	WORKDAY, INC., as Issuer
	 	 
	 	By:	/s/ Barbara Larson
	 	 	Name: Barbara Larson
	 	 	
    Title: Chief Financial Officer

    



 


	 	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee 
	 	 
	 	By:	/s/ David A. Jason
	 	 	Name: David A. Jason
	 	 	Title: Vice President